Forex news from the European morning session 19 November
News:
- Kuroda says Abenomics not only depending on monetary policy
- Kuroda says even with sales tax delay the BOJ easing last month was not a mistake
- November 2014 Bank of England MPC minutes: Votes 7/2 to leave rates unchanged
- UK Bank of England MPC Minutes: CPI pressure may be boosted as slack soon exhausted
- Bank of England minutes: Economic slowdown and exchange rate effects may be overstated
- BOJ’s Kuroda says Japanese economy has continued to recover moderately
- Kuroda: Still too early to discuss BOJ exit strategy
- Jordan says he doesn’t expect the SNB’s challenges will go away anytime soon
- ECB’s Linde says they are committed to further measures if necessary
Data:
- US MBA mortgage market index 391.3 vs 372.9 prior
- November 2014 Swiss ZEW investor sentiment -7.6 vs -30.7 prior
- Eurozone current account balance SA Sept EUR +30.0bln vs +22.8bln prev
- Nikkei closes down -0.32% at 17,288.75
Another interesting session providing decent opportunity with yen pairs once again high up the agenda but we”ve also seen a good rally in the pound after the MPC Minutes gave bulls a little more cheer.
It’s all relative of course but GBPUSD has reversed the selling to 1.5590 going into the release to test the other end of the short term range at 1.5700 with EURGBP failing at 0.8040 resistance and falling back to bids around 0.7985. Overall the pound has enjoyed a good time of it with GBPJPY, GBPAUD and GBPCAD the particular standouts .
And yen pairs have once again been in focus as JPY weakness continues with USDJPY posting new 7-year highs of 117.65 and EURJPY still perky with 147.55 the high so far.EURUSD remains well supported but with 1.2550 still proving a step too far.
AUDJPY though has been less impressive as the aussie $ continues to find sellers on the back of falling iron ore prices and we’ve seen AUDUSD on a steady decline to 0.8622 before finding a bit of support. NZDUSD too has found itself on the back foot but found buyers below 0.7840.
USDCAD has largely had the morning off as a core pair caught up in the cross fire between 1.1325-45 after finding buyers below 1.1300 in Asia
FOMC Minutes out later (19.00 GMT) will add more to the melting pot later, but not necessarily to make anything that much clearer
