Forex news from the European morning session 5 May 2015

News:

  • Austria's Schelling says he is seeing progress on Greek talks but no breakthrough yet
  • Portugal's Albequerque says Grexit would be concern for all Eurozone
  • Greece looking to finalize key asset sales to appease lenders
  • Schaeuble says Greek liquidity appears to be getting tighter
  • EU's Moscovici says prospects for growth have improved
  • EU's Moscovici urges strong progress in Greek negotiations
  • EU Commission Spring forecast - Read more here
  • China's trade min says Chinese economy still facing downward pressure this year
  • ECB's Noyer says low oil prices and weak euro could add half percentage point to French GDP this year and next
  • ECB's Noyer says Britain exiting EU would be bad for both
  • More from Morgan Stanley - See GBPUSD down to 1.3900 on prolonged election uncertainty
  • Even more from Stanley - RBA to cut again by 0.25% in Q3
  • Fitch says RBA rate cut increases need for greater macro-prudential response
  • Option expiries 10am NY cut today 5 May

Data:

  • UK Markit/CIPS construction PMI April 54.2 vs 57.4 exp
  • Eurozone PPI March mm +0.2% vs +0.3% exp
  • Spanish unemployment April mm -118.9k vs -65.1k
  • French budget balance year to date March EUR -26.3bln vs -23.4bln prev

A lively session again as the euro at first slumped then found its feet again to finish on a strong note as Greek concerns waned

Def having issues with this post.. Not sure how to get the Gremlins out so i'll keep it brief

Euro was on the backfoot over Greece again and we saw EURUSD ultimately post lows of 1.1066 before turning round and now testing res/offers into 1.1140. EURGBP and EURJPY both fell in early trading but have since consolidated and reversed those losses

GBPUSD had a quick look at 1.5100 first off then had a sharp rally to 1.5152 as EURGBP fell only to then post 1.5095 after weak construction PMI data . Large option expiry today at 1.5120 casting a shadow

USDCAD has drifted lower on firmer oil and we saw a test of 1.2080 bids from 1.2130 while USDCHF enjoyed the euro sell off to finally take out res/offers at 0.9400 only to retreat in some hurried fashion as EURUSD staged its recovery and it wasn't long before the bids at 0.9330 were being taken out to post 0.9297 only to then bounce back to that 0.9330 pivotal level again

AUDUSD continued its post-RBA rally to record 0.7919 before retreating to test support/bids into 0.7850 while NZDUSD continued to get it in the neck from more AUDUNZD buying and we've seen lows of 0.7489 from 0.7550

US ISM non- manufacturing data coming up at 14.00GMT with Canadian trade balance and US services PMI before then

Should be another interesting session ahead