Forex trading news and economic data headlines 24 April 2017
News:
- Back to the polls we go for the second round
- Bundesbank says German Q1 GDP likely to have accelerated significantly
- Eurozone debt to GDP dropped in 2016
- Italy's Padoan says there is a need to accelerate adjustment for banks and NPLs
- The EU is off to Greece again
- Here's the reason why EURJPY outperformed everyone else
- EURUSD gives some back but remains buoyant above 1.0800
- Euro pairs finding dip demand after profit-taking retreat
- SNB total sight deposits w-e 21 April CHF 569.1 vs 567.14bln prev
- RBS raises Macquarie to outperform from neutral
- Option expiries for the 10 am NY cut today 24 April
- More option expiries of note this week 25-28 April
- Nikkei 225 closes up +1.37% at 18,875.88
Data:
- Germany April IFO business climate index 112.9 vs 112.4 expected
- April 2017 UK CBI industrial trends report - Orders 4 vs 5 exp
It's been a time to pause and reflect this morning after the fun n games in Asia following the French election first round result.
EURUSD had hit highs of 1.0936, EURGBP 0.8515 and EURJPY 120.97 but by the time European desks got underway we had already seen the full extent of the euro retreat to 1.0820, 0.8451 and 119.00. A similar pattern was seen in other EUR pairs and since then we've trading really tightly.
Better headline German IFO reading was tempered by softer expectations.
USDJPY had a spike/gap to 110.64 in early Asia on a relief rally as risk returned with Macron fancied to beat Le Pen comfortably in Round 2 on 7 May. A retreat was also notable though and we had been back down to 109.85 in Asia before Europe opened. Since then we have flat-lined between 110.15-30.
GBPUSD as at the behest of EURGBP after a retreat to 1.2780 in Asia from 1.2857 highs we've been back to 1.2830.
Elsewhere USDCHF has also fallen back to 0.9931 after failing into 1.0000 then 0.9980 in Asia before bouncing back through 0.9950 with EURCHF finding support at 1.0780 again after falling from 1.0837. AUD and CAD have both been at the behest of JPY and EUR cross trading and posted 0.7555-85 and 1.3411-87
Equity markets have soared in Europe confirming strong openings with French/EZ bank shares leading the way and the DAX posting record highs of 12417.CAC40 posted highs of 5292.
Gold had gapped lower in Asia from $1284 to $1266 but has since retraced to $1276 before falling again to $1269.
Little of note to come on the data front but we do have US Fed's Kashkari up to the rostrum at 15.30 and 19.15 GMT.
