Forex trading headlines for the European session 30 September 2013
- Japan to hike consumtion tax to 8% according to govt economic report
- UK fin min Osborne says the economy has turned a corner
- German retail sales august m/m +0.5% vs +0.8% exp -1.4% prev
- Japanese construction orders august y/y +21.4% vs + 13.7% prev
- Japanese housing starts august +8.8% vs +12.7% exp +12% prev
- French producer prices august m/m +0.3% vs +0.7% prev
- Italian PPI august m/m +0.2% vs +0.1% prev
- Spanish c/a surplus july EUR +1.63 bln VS +2.57 bln prev
- UK consumer credit august GBP +0.6 bln as exp/prev
- EZ inflation september flash +1.1% vs +1.2% exp +1.3% prev
- Italian CPI september flash y/y +1.1% vs +0.9% exp
- UK fin min Osborne to lay out tough new measures for jobless
- Japanese construction orders august y/y +21.4% vs + 13.7% prev
- Japanese housing starts august +8.8% vs +12.7% exp +12% prev
- French producer prices august m/m +0.3% vs +0.7% prev
- Italian PPI august m/m +0.2% vs +0.1% prev
- Spanish c/a surplus july EUR +1.63 bln VS +2.57 bln prev
- UK consumer credit august GBP +0.6 bln as exp/prev
- EZ inflation september flash +1.1% vs +1.2% exp +1.3% prev
- Italian CPI september flash y/y +1.1% vs +0.9% exp
- Nikkei closes down 2.06% at 14,455.80
- Shanghai comp index closes up 0.68% at 2174.66
With the uncertainties surrounding the US govt shutdown and political turmoil in Italy it’s understandable that forex traders have been less than willing to get too involved so far today, but there’s still been opportunity out there.
USDJPY has drifted back down from 98.03 toward the 97.50 strong support that held last night with a similar story on yen pairs.News out a short while ago that the Japanese govt economic report plans a sales tax hike to 8% next April has given the yen a further lift.
The euro has found a bit of support after the Asian mark-down but it’s been very tight on EURUSD and EURGBP, the latter seeing good two-way business on a key month-end day.
The pound has generally seen traders trim back a few long possies and GBPUSD has baulked at any attempt to build on o/n gains, falling back slowly to 1.6133 as I type.
The aussie $ has shrugged off recent rate-cut-rumour weakness to post decent gains but AUDUSD has found advance beyond 0.9335 a step too far.
Scrappy, but there’s been money to be had, and about as much as we can usually expect from a monday morning.