Forex news and economic trading headlines 5 August 2016
Your non farm payrolls numbers round up and what the expert NFP pickers are going for today?
Forex market orders 5 August 2016
Yen jumps as BOJ pauses their ETF buying spree
June 2016 Italian industrial production -0.4% vs 0.3% exp m/m
July 2016 UK Halifax HPI -1.0% vs -0.2% exp m/m
Quite a number of indicators dropped markedly before our decision says BOE's Broadbent
June 2016 Spanish industrial production 0.2% vs 0.5% exp m/m
June 2016 French trade balance -3.44bn vs -3.90bn exp
Carney is confident the rate cut will reach the economy
June 2016 German factory orders -0.4% vs 0.6% exp m/m
ECB's Visco: It would be wise to be prepared for possible public aid for Italian banks - Livesquawk
July 2016 Japan leading index 98.4 vs 99.7 exp
Forex option expiries for the 10 am (14.00 GMT) New York cut
There's no dressing this mutton session up as lamb. How about some jokes instead of trying to describe how EURUSD has been stuck at the top of a 25 pips range for 7 hours, or that GBPUSD has had a 40 pip range in the same amount of time?
Ok here's goes. A man goes to the doctor and says, "Doctor, I keep breaking my arm in several places".
Doctor says, "Well stop going to those places then!"
I'm here all week ;-)
After Carney, cable's 1.3100 held overnight and the pair edged up through overnight resistance at 1.3140 to roll up to 1.3150. Then we had another little wander to 1.3160 and we've just traded to a new high of 1.3169 a I type. Roll out the bunting!
USDJPY was holding the 101.00 line for a while but some news about the BOJ's pausing their ETF shopping trip shook a few feathers and we dipped under, knocking out a few stops down to 100.87. We're back above marginally but it's treading water ahead of the NFP.
AUDUSD is perhaps the only pair that's on the cusp of doing something great. It's hitting its head on a key resistance area but just doesn't look willing to push the boat out with the NFP risk. We could have a move once that's removed. This looks ripe for a good NFP dip buy, given the price action in it over this week.
EURGBP could also be looking for an excuse to run higher as it faces stiff opposition at 0.8490/0.8500. Cable edging further from 1.31 may mean it's got a bit more work to do.
The rest isn't really worth writing about. Oil has done nothing. Stocks are doing nothing and so it seems summer trading has truly arrived, now we've knocked all the major central bank meetings off the list. Let's hope the US jobs report brings us something to smile about. Remember also that we've got the crazy Canadian jobs report too. It will be over shadowed by a volatile NFP but if NFP is a dud, we might get some CAD action from it.
