Cable recovers, as USD grinds lower
A mixed bag this morning in fairly narrow ranges , with the USD trading with a slight offered tone in European morning
- Eurozone May flash CPI 1.4 % y/y vs exp 1.5%
- Eurozone unemployment 9.3% vs 9.4% exp
- Yen crosses slip lower
- UK BOE April consumer credit 1.525B vs exp 1.5B
- BOJ plans to keep current pace of bond buying in June
- Italian April unemployment rate 11.1% vs 11.6% exp
- German May unemployment change -9k vs -15k exp
- French May CPI (EU Norm) prelim +0.9% y/y vs exp 1.1%
- EURGBP Orders
- UBS April consumption indicator +1.48% vs prev 1.50%
- German April retail sales -0.2% m/m vs +0.2% exp
- Abe tells China's Yang he wants to improve ties with China:Kyodo
- Russian warship and submarine launch cruise missiles to IS units near Palmyra-IFAX
- USDCAD Order board shows sellers lining up
- Japan April housing starts +1.9% y/y vs -1.5% exp
- GBPUSD Orders
- Putin says he can work with "pragmatic' Macron
- AUDUSD Orders
- USDJPY Orders
EUR/USD
It was meant to be all about the Euro this morning, however the 1.1165-1.1197 range has hardly been flattering. We saw some early buying from the Asian lows to attempt 1.1200, however the slightly weaker CPI figure saw a retest of the 1.1165-70 level. The market is happy to play the range, with offers now at 1.1210-15
USD/JPY
Had a fast spike to 111.23 ( just shy of 111.25-30 sell orders) late in Asia before easing lower throughout the European session. We have seen a low of 110.75 to date with stops below 110.60. Still favour a break lower Day traders have established short GBP/JPY and EUR/JPY positions early although volume hasn't been significant
GBP/USD
Range 1.2826-1.2768 following the belting it received late New York/early Asia .No doubt it is all about the polls now, so expect jittery price action to follow.UK data was inline with expectations and provided little impetus
Aussie ,Kiwi and Cad have been steady, with Canadian GDP (Q1) due out a little later today
Stocks have returned to positive territory despite slipping a little after the open, although like the FX markets, they are waiting for direction
