Forex trading news and economic data headlines 8 February 2017
News:
- It's absurd to say the euro is undervalued says ECB's Villeroy
- OECD forecasts expect GDP growth to pick up in US, Japan, Germany and France
- Latest DIHK survey sees a strong rise ahead in German export growth
- After all the fun and games yesterday where now for GBP pairs?
- UK Brexit bill reaches its Lower House final stages today
- Exporter offers, repatriation and the Abe/Trump meeting is the focus for traders right now - What's in store for USDJPY?
- Consumer spending growth had remained resilient but is expected to ease - BOE agents survey
- RBI leaves interest rates on hold
- EURCHF is looking a bit dodgy today
- Nikkei 225 closes up +0.51% at 19,007.60
Data:
- China Q4 preliminary current account surplus USD 37.6bln
- US MBA mortgage applications 2.3% vs -3.2% prior
- Spain December industrial output yy NSA -1.6% vs +4.1% prev
After yesterday's roller coaster ride in GBP and JPY pairs we've had a pause for thought so far today.
It's been a session of not a lot tbh. Tight ranges prevailing across the board with GBPUSD mostly looking at the support into 1.2475 after failing at 1.2250 area again yesterday and 1.2520 in Asia. EURUSD has also mainly been on the back foot around 1.0650 with general JPY demand again prevailing.
USDJPY has ease back below 112.15 after failing into 112.50 again and GBPJPY testing lower at 140.00 as I type.
EURCHF has also drifted lower to 1.0632 with CHF safe-haven demand also in focus capping USDCHF into 1.0000.
Treasury yields still been on the rise as geo-political uncertainties continue to cast a big shadow, a sentiment that has also seen gold making gains once more providing a bit of support to AUDUSD. with oil finding some dip-demand and that's helped USDCAD drift lower to 1.3150 after giving up on trying to get above 1.3200 again. Light data day.
Inspiration/news-bomb required from somewhere.
