Forex trading news and economic data headlines for the European session 10 June 2016
News from Asia: Presidential twitter war
- In means in and out means out says Schaeuble
- We can't rest on our laurels regarding good economy say Merkel
- ECB should keep pumping says OECD
- BOE survey says UK expecting rate hike in next 12 months
- UK construction output May mm +2.5% vs +1.4% exp
- Italy industrial production April mm +0.5% vs +0.3% exp
- German economy on a solid growth path but external risks remain
- ECB's Weidmann says asset managers may become increasingly nervous over low interest rates
- France industrial production April mm +1.2% vs +0.4% exp
- Trading Ideas - European session 10 June
- German wholesale prices on the rise
- Germany's Schaeuble says low interest rates should only remain a temporary phenomenon
- Germany CPI May final mm +0.3% as expected
- ECB's Jazbec says no need for new stimulus "at this juncture"
If I had to make a guess I'd say most of Europe has one eye on tonight's EURO 2016 opening game. There's a definite feeling of lethargy around the pairs. With some big events due maybe we're just pausing for breath but we know we're only one comment or poll away from a move.
Yen buyers were back again this morning and into GBPJPY once more. We've had a similar pattern to yesterday, just not as pronounced. Support looks like it's strengthened just above yesterday's lows at 153.60 to 153.80. EURJPY has followed to a lesser extent and USDJPY is sub 107.00 to 106.76, a smidge of the session lows.
EURUSD has been messing around at 1.1300 and made the break through 1.1290 to hit a few stops to 1.1282. We're back holding hands with 1.1300 but can't quite get above. 1.1320 is resistance if we do.
Cable looks hogtied to GBPJPY and sits just above 1.4410. There's not been much interest to take it back higher so it looks like 1.4400 might be getting a visit soon
Commodity currencies are fairly sedate also, there's not a lot going on anywhere.
European stocks aren't looking too healthy today and that will influence risk trades. Not a lot out of the States today save the ne Michigan consumer survey. Before that Canada takes the spotlight with its jobs report. Check out Adam's preview here.
For those that may not be aware, we launched our fourth ACT trading course last night. You can find details via the links below.
