Forexlive European FX news wrap: USD supply and yen demand notable again

Author: Mike Paterson | Category: News

Forex trading news and economic data headlines 16 February 2017



A busy enough session that's seen some good two-way opportunity.

USDJPY began the session by having a look at 114.00 from 113.75 only to fail and that duly set off a chain of USD supply that saw GBPUSD rise up through 1.2500 from 1.2465 to ultimately post 1.2524 before capping once again.

GBPJPY has been in play once again and helped to provide some yen demand after capping at 142.49 and that's sent core pairs lower with USDJPY testing 113.50 again.

EURUSD had led the way earlier by holding 1.0600 and rallying steadily to 1.0642 as I type helping to push USDCHF down to look at 1.0000 with EURCHF holding around 1.0650

AUDUSD retreated from Asian highs of 0.7733 to post 0.7685 as gold also dipped before finding fresh demand and rallying back above 0.7710. USDCAD has drifted down to 1.3013 on the renewed US$ supply

No news of note to behind the moves, just more range trading/testing in the on-going uncertainty with equities in softer mode but commodities regaining some poise.

US weekly jobless claims, housing data and Philly Fed index to come at 13.30 GMT to throw into the mix.