Forex news for the European trading session May 30 2017
News:
- Greece denies report they may opt out of next bailout payment
- Greek finance minister says his bailout comments were "distorted"
- Trump aims another punch at Germany on trade and NATO
- Australian government sees little scope for, or benefit from, extending the yield curve beyond 30 years
- Forex option expiries for the 10am New York cut 30 May
- USDJPY holds 110.80 but sellers still lurking
- Better risk sentiment sees yen sellers return
- Nikkei 225 closes down -0.02% at 19,677.85
Data:
- Saxony May CPI mm -0.1% as previous
- Brandenburg May CPI mm -0.1% as previous
- North Rhine Westphalia May CPI mm -0.2% vs +0.1% prev
- France Q1 GDP provisional +1.0% vs +0.8% exp
- Eurozone May economic sentiment 109.2 vs 110.0 exp
- Germany April import price index mm -0.1% vs +0.1% exp
- Spain May CPI flash yy +1.9% vs +2.6% prev
- Switzerland May KOF leading indicator 101.6 vs 106.3 prev
It's been a lively session for the most part that saw the euro on the back foot at the start but as risk sentiment changed and the Greek bailout re-payment issue receded we saw a change in fortune.
EURUSD was drifting off to lows of 1.1116 after a soggy Asian session that had Bild reporting that Greece were refusing to pay July's bailout repayment. Subsequent denials though saw the DAX pare early losses and head into positive territory and that meant EURJPY higher as yen selling returned.
Throw in some month-end EURGBP demand from 0.8655 to 0.8685 and we saw EURUSD back up to 1.1170
That EURGBP demand helped to temper the rally in GBPUSD from 1.2815 to 1.2880 that had been initiated by GBJPY pumped up to 143.00 from 141.85 as yen selling prevailed, sending USDJPY back up through 111.00 sfter holding 110.80 again only to run into fresh sellers. Large options nearby today in play.
USDCAD has traded tightly between 1.3460-80 as a combo of CADJPY demand pared off against softer oil after an early rally.
AUDUSD also had a look above 0.7450 on AUDJPY buying with large options underpinning into 0.7400.
US PCE data the next risk event with a few CB talking heads too.
