Forex news from the European morning session 13 April 2015
News:
- Greek govt will not sign a new austerity memorandum
- China's Li says downward pressure on economy still increasing
- Middle East buyers supporting GBPUSD at 1.4600
- Imagine a BOE MPC meeting like this: More from guest economist John Hearn
- Option expiries 10am NY cut today 14 April
Data:
- UK CPI March mm 0.2% vs +0.2% exp..annualised -0.01% vs +0.03% prev
- UK PPI input mm nsa March +0.3% vs -0.4% exp
- Eurozone industrial output mm +1.1% vs +0.4% exp
- Italian HICP March final +0.0% vs -0.1% flash
- Spanish CPI March final mm +0.6% as exp
- Germany wholesale price index March mm 1.0% vs +0.2% exp
- Nikkei 225 closes up +0.02% at 1908.68
It's been a session to produce a few pips with the pound taking centre stage
The euro had an early dip across the board again as Greek concerns prevailed with EURUSD heading to 1.0531 from 1.0570, EURGBP to 0.7181 from 0.7205 and EURJPY to 126.09 from 126.80 but then we saw some profit-taking and the wobble was over for the moment
But then we had UK CPI data and it was the pound's turn to dive with GBPUSD posting 1.4603 from 1.4640 and EURGBP rising again to chew through offers around 0.7225 only for both to stall as middle-east names were notable cable buyers.
Since then its been consolidation time with ranges tight across the board. AUDUSD has survived another look at 0.7550 while USDJPY has been mostly on the back foot testing 119.50 support
USDCAD has also drifted lower from 1.2600 to post 1.2567 while NZDUSD had a dip to 0.7440 before posting 0.7465 as cross plays dominated
All to play for still as we welcome our friends across the pond