Forex news and economic data headlines for the European session 25 May 2016
News:
- We need YOU to fill out our 2016 ForexLive customer survey
- BOJ's Kuroda says they will add stimulus if needed
- Japan's Abe to make decision 1 June on whether to call snap election
- Japan's Aso says boosting demand is biggest challenge in global economy
- China to press Fed on timing of US rate hike
- ECB's Villeroy says Europe must not fear different speeds of economy
- ECB's Nowotny sees no problems for financial system from possible Brexit
- ECB's Villeroy says German criticism of Draghi is "excessive and dangerous"
- EU's Dijsselbloem says Greek deal was an important step
- Moody's says Greek deal is credit positive but the jury remains out
- ECB's Knot says support for further Eurozone integration is low
- ECB to ease into corporate bond purchases in June - Livesquawk
- IFO says consumption remains important for German economy
- How do you know when the balance of risk changes?
- Brexit betting rises says Ladbrokes
- EURGBP support helps cap cable again
- Option expiries 10 am NY cut today 25 May
- Nikkei 225 closes up 1.57% at 16,757.35
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Data:
- Germany IFO May business climate 107.7 vs 106.80 exp
- Germany GFK consumer confidence June 9.8 vs 9.7 exp
- Italy industrial orders March mm -3.3% vs +0.7% prev
- Switzerland CS ZEW survey May expectations 17.5 vs 11.5 prev
- Spain PPI April mm -0.1% vs -0.6% prev
- US MBA mortgage applications 2.3% vs -1.6% prior
- Switzerland UBS consumption indicator April 1.47 vs 1.40 prev
A busy session that has seen the Eurozone take most of the headlines but the pound and yen provide most of the action.
Once again we've seen a positive tone to equities and that's see the euro and yen on the back foot with EURGBP once again playing out on cable.
The Nikkei pared a few gains into the close and that saw USDJPY down testing 109.85 support but since European markets opened it's been a steady move higher to 110.28.
EURGBP took its cues from equities too and got slapped down through 0.7630 to test 0.7600 sending GBPUSD up to 1.4664 before both pairs reversed to 0.7625 and 1.4620 only to see moves back to 0.7590 and 1.4685 as I type in another sharp move.
EURUSD has been pinned down in the cross-play crossfire while USDCHF similarly has been well behaved with EURCHF finding support into 1.1050. USDCAD too has found itself caught in a tight range between 1.3095-1.3135 with oil also tightly bound. The BOC interest rate decision at 14.00 GMT casting its shadow.
AUDUSD had an early rally to 0.7219 as EURAUD got sold but offers/res around 0.7220 have capped a further advance while NZDUSD has also had a quiet session.
