Forex trading headlines from the European morning session 10 July
- Nikkei closes down 0.39% at 14,416.60
- Japanese consumer confidence index june 44.3 vs 45.7 prev. First drop in 6 months
- Shangahi Comp Index closes up 2.17% at 2008.13
- Moodys upgrades UK banking system to stable from negative
- French industrial output may m/m -0.4% vs -0.8% +2.2% prev
- French current account may EUR -4.1 bln vs -2.8% bln
- Italian industrial output may m/m +0.1% vs +0.3% exp
- German final CPI June m/m +0.1% unch y/y +1.8%
- Japan’s Nishimura expects BOJ to continue easing
- Japan’s Takenaka says it will take about 2 years to beat deflation
- Bank of Italy’s Visco says 2013 growth will contract by about 2%
- EU Commission says troubled banks will have to present plan to EU regulators before receiving aid
It’s been a lively start to the day after another quiet Asian session as traders start to square up ahead of tonight’s FOMC minutes and a speech from Mr B.
A lower Nikkei dragged down USDJPY as did comments from Japanese officials and we saw the pair tumble to 99.78 after pausing at 100.00 before settling back between 100.00-20. Yen pairs all suffered but EURJPY has so far held at strong buying interest at 128.00.
EURUSD has chewed its way through sell orders at 1.2800 and 1.2830 only to fall back as did cable which ran into good sell interest above 1.4920 and returning to 1.4885 as I type. AUDUSD continues to defy the doubters and rallied through strong sell interest only to fail eventually at 0.9234 ahead of more offers at 0.9250.
EURGBP contined its journey back down from yesterday’s 0.8669 high courtesy of Mr Asmussen and hit the target support at 0.8575 before rebounding only to run out of steam at 0.8617 ahead of sell interest at 0.8620.
USDCHF had its first down session for a while and has come back from 0.9746 to 0.9675 in the general USD sales before bouncing.
All in all then a good session with plenty of two-way opportunity. Let’s hope it continues
