Forex news and trading data for the European session 30 May 2016
To hike or not to hike, that is the sales tax question - Catch up on the news from Asia
What's the next target for USDJPY?
May 2016 Baden Wuerttemberg CPI 0.0% vs -0.3% exp y/y
May 2016 Eurozone economic sentiment 104.7 vs 104.4 exp
May 2016 North Rhine CPI 0.2% vs 0.2% prior y/y
April 2016 Italian PPI -0.9% vs 0.2% prior m/m
May 2016 Bavaria CPI 0.3% vs 0.2% prior y/y
Forex option expiries for the 10am (14.00GMT) New York cut 30 May 2016
May 2016 Saxony CPI 0.1% vs 0.1% prior y/y
May 2016 Swiss KOF leading indicator 102.9 vs 102.8 exp
May 2016 Spanish HICP flash -1.1% vs -1.1% exp y/y
April 2016 French consumer spending -0.1% vs 0.0% exp m/m
Japan's Yamaguchi says they will discuss sales tax delay
Abe's coalition partner said to agree to sale tax hike delay
April 2016 German import price index -0.1% vs 0.4% exp m/m
Economic data Monday 30 May 2016
Bring on the next slide in the Shanghai Comp - I'm ready!
China WMPs investing in each other - risks a default chain reaction
Australia to auction $16mln of confiscated Bitcoins
Europe had the stage all to themselves this morning and that amounted to a grand total of 46 pips for the euro. As the dollar made further firming moves following the mess of sales tax news from Japan, EURUSD hovered around 1.1100 with a low of 1.1098. German import prices highlighted one side of the problem Europe still faces on inflation. France went some way to showing that there is signs of growth and that cemented the low in place for EURUSD. German regional numbers painted a better picture from last month and better sentiment from Europe also helped seal the bottom. EURUSD recovered to 1.1144 but couldn't best Friday's late bounce to just shy of 1.1150.
The dollar largely led the way early doors as USDJPY moved to 111.45 as further sales tax headlines came off the reel. As that ran out of steam, a test of 111.00 has shown where the closest support lies. The bounce hasn't been strong but as the Japanese powers that be get ready for their bedtime stories, the noise about the sales tax should die down.
Other USD pairs like CHF and CAD followed a similar pattern. USDCAD pulled up 5 short of 1.31 and had given it up to 1.3049 as I type. USDCHF has also fallen from it's highs at 0.9956.
Cable has been quiet in a 40 odd pip range. 1.4630 was too much for it and 1.4600 could hold up as support, though it's trying again after bouncing from 1.4588.
With the US shut today the calendar is empty and the options board is active but very light. European traders will have to carry the baton on for the rest of the day.
Ooops, I forgot the tune.
