Forex news and economic data headlines 6 September 2016
GBPUSD is still in the hunt for a topside break
Forex market orders 6 September 2016
Q2 2016 Eurozone GDP final 0.3% vs 0.3% exp q/q
Schaeuble: Germany to use budget leeway to boost investment
August 2016 German Markit construction PMI 51.6 vs 51.6 prior
August 2016 Swiss CPI -0.1% vs -0.1% exp y/y
European session trade ideas 6 September 2016
Italy wants a Eurozone unemployment fund
July 2016 German factory orders 0.2% vs 0.5% exp m/m
Q2 2016 Swiss GDP 0.6% vs 0.4% exp q/q
Forex option expiries for the 10 am (14.00GMT) New York cut 6 September 2016
RBA: Global economy growing at lower than average pace - What's changed since August?
RBA announce NO CHANGE (as expected)
I kid you of course about Stevens reign of terror, though some folks downunder may see that as an understatement ;-)
And so the RBA, as widely expected, left rates unchanged and left a very neutral stance in place going forward. AUDUSD was looking rather bolshy into the announcement and we only saw a minor dip after the news hit. A bit of "what happens now?" followed for a while after, then London opened up and decided it wanted to sell some US dollars. That gave the Aussie a secondary kick up to the highs at 0.7654 and we've stayed very close to that since.
It's been a bit of a hard slog everywhere else and I guess we've just not returned to full-post-summer markets just yet. The pound and euro were lifted in the dollar selling, GBPUSD managed to gain around 25 pips to the high at 1.3352. EURUSD about the same to 1.1169. While the euro remains at session highs, cable is looking a touch softer as it grinds lower from that high. 1.3320 is where support sits, and 1.3340 is where resistance lies. EURUSD has 1.1150/80 to play with. Those are your markers.
USDJPY continues to soften after Friday's rally and there might be a case for seeing the yanks lift it back up when they come to the party, if they see no reason why Friday's moves should be unwound as they have been while they've been away. That's something to watch for in the next hour or so. And so USDJPY has shed around 60 pips from the Asia high, to find support at 103.20 (less a pip).
Oil is still paying the price for yesterdays stupidity in thinking that the Saudi's we're going to pull a rabbit out of the hat and send the price to the moon. We're off the 47.00 lows in Brent but not by much. That's been of no comfort to USDCAD though, who is struggling to get back above 1.2900 and has failed miserably at the last attempt.
Not too much of note on the US calendar today. US services and ISM non-manufacturing bring us our entertainment through the afternoon.
All that leaves is for us to say another goodbye to Glenn Stevens.
Thanks for the memories
