Forex trading headlines from the European morning session 23 Sept
News:
- German and French demographics differ sharply says Merkel
- French PM Valls in ” I’m happy to see that the euro is lower” shock. Not
- French PM Valls says the country’s debt spiral is no longer sustainable
- Valls says Europe suffers from lack of demand
- Bank of Italy’s Visco says that the legacies of recession have permanent effects on economy
- Germany’s Boerner says EU Commission must be very severe on French deficits
- EU high court to hear OMT case 14th October
- New dawn for ForexLive – FAQ’s
Data:
- French Q2 GDP final qq 0.0% as exp/prev
- August 2014 UK PSNBR +10.9bn vs +10.2bn exp
- Eurozone Markit mftg PMI Sept 50.5 vs 50.6 exp
- German Markit mftg PMI Sept 50.3 vs 51.2 exp
- French Markit mftg PMI Sept 48.8 vs 47 exp
- French manufacturing confidence Sept 96 as exp/prev
An interesting, not to mention lively, session that’s seen more than one currency pair moving around in somewhat indiscriminate fashion as USD found a few sellers again.
Pound pairs have just about edged in terms of volatility with GBPUSD grinding its way back to 1.6350 from a 1.6375 having capped at 1.6391 in Asia and then dropping sharply to 1.6302, for reasons still unknown but seems flow related with various stops being triggered along the way.
But then it was an equally rapid climb to 1.6345, then 1.6360 then 1.6380 and then touching 1.6400 where fresh sellers emerged ( no prizes for guessing I was one of them again!). EURGBP had triggeredstops through 0.7880 to post 0.7890 before heading back to 0.7860 as I type, and the story has been the same in pound pairs generally.
EURUSD has also made some steady gains from 1.2850 but failed at 1.2896 ahead of decent offers while USDJPY finally broke down through good bids between 108.50-60 and then bounced off the next layer at 108.25. USDCHF failed again above 0.9400 and also been on the retreat to 0.9361 lows.
Similarly USDCAD was on the back foot having capped at 1.1050 in Asia and we’ve seen a fall from 1.1030 to test the 1.0985 bids while AUDUSD has staged another rally from below 0.8890 but also capped at good resistance/offers into 0.8930-35. NZDUSD had a steady climb from 0.8120 to 0.8148 only to give up and head back to the starting line.
A new dawn and a new day for ForexLive, and a good session to kick it all off.