Forex trading news and economic data for the European session 8 April 2016
Asia news catch up - Asia FX news wrap: Yen falls (not that there's anything wrong with that)
- Oil the revolving door - The Canadian employment report hits today
- Barclays say today's weak data supports their Q1 UK GDP qq forecast of +0.4%
- PBOC: Need to gradually adjust RRR based on balance of payments
- Italy slashes GDP forecasts
- It's just not been a good 24 hours for US bulls
- Daily Brexit scaremongering (Part 2): UK CBI say "our best future is inside the EU"
- ECB should keep interest rate sword in its sheath - Livesquawk
- UK visible trade balance Feb -£11.964bln vs -£10.2 bln expected
- February 2016 UK industrial production -0.3% vs 0.1% exp m/m
- ECB aware if complexities of negative rates says Mersch
- Here's a quick early look at what's happening in currencies - orders and tech levels
- March 2016 Swiss CPI -0.9% vs -0.9% exp y/y
- Spanish house sales jump 15.8% y/y in Feb
- February 2016 France industrial production -1.0% vs -0.4% exp m/m
- March 2016 Japanese economy watchers survey current conditions 45.4 vs 45.5 exp
- February 2016 German trade balance 20.3bn vs 18.0bn exp
- Time for your daily Brexit scaremongering
- March 2016 Swiss unemployment rate 3.5% vs 3.5% exp SA
- Forex option expiries for the 10 am (14.00GMT) New York cut 8 April 2016
- March 2016 Japanese consumer confidence 41.7 vs 40.5 exp
- March 2016 Japanese bankruptcies -13.15% vs 4.47% prior y/y
- Economic data due Friday 8 April 2016
- More from Japan's Inada: Now is not the time for forex intervention
It's been a blink and you miss it day so far today. Yen pairs are still in focus but they looked steady after Japanese talking heads came out of the woodwork overnight. 109.00 was containing the upside in USDJPY, while 108.50 the downside. Yen crosses were sitting in similar ranges.
As Europe got into the swing of things we first saw cable take a quick 20 odd pip dip as EURGBP pushed towards 0.8100. The next moment that had completely reversed with EURGBP falling to 0.8067 and cable went the other way. Then EURGBP fell further to 0.8047 and cable popped to the highs of the day at 1.4141. Yen crosses may have been behind that too as GBPJPY jumped a quick 100 odd pips and EURJPY wasn't to far behind. I still don't fully know what caused it all so answers on a postcard please. There's been an uptick in sentiment today which has helped but GBPUSD has unwound all the move from the highs in a slow bleed.
USDJPY had a look above 109 briefly, didn't like what it saw and headed back down to 108.60. There's still a few war wounds being bandaged so that's meant a lack of appetite to go straight back into battle. The crosses are back where they started too.
EURUSD has been quiet bar a 45 pip run around between 1.1349 and 1.1394.
It's been a fairly busy week for most pairs but few have broken well trodden ranges. While things are settled now the US will no doubt inject some fresh energy. If they take up the risk on baton we could see a secondary lift in positive sentiment to carry us through to the close.
Be wary about profit taking in yen pairs towards the end of the day. We've probably seen most of it due to the bounce from yesterday's lows but there might be some who will leave it late.
