Forex news for the European trading session 12 June 2017
News:
- UK PM May says Brexit plans remain the same
- Davis says UK will take control of its borders
- More from Davis: Britain must get on with Brexit negotiations
- Davis says Brexit talks will start next week, but not necessarily Monday
- Moody's say UK election result will complicate and probably delay Brexit
- DUP leader Foster says she will seek to get a "good deal" for the province
- Pound under pressure again as Davis talks "hard" Brexit
- ECB's Coeure sees progress on inflation despite forecast downgrade
- Haldane re-appointed for 3-year term on BOE MPC
- Qatar is resilient, has the assets it needs
- China and Singapore reach agreement on bilateral concerns
- Forex option expiries for the 10am New York cut 12 June
- More option expiries of note this week 13-16 June
- SNB total sight deposits w-e 9 June CHF 576.4 bln vs 576.062 bln prev
- More on China: Two Chinese provinces falsified economic data, inspectors say
- China May fiscal revenues yy +3.7%
- Nikkei 225 closes down -0.52% at 19,908.58
Data:
- Bank of France May business sentiment 105 as expected
- Japan May machine tool orders yy flash +24.4% vs 34.7% prev
Focus remains on the UK as talk of a hard Brexit still being on the agenda undermines the pound.
GBPUSD opened around 1.2760 having failed for a second time to get back above 1.2770 and once UK Brexit minister Davis started talking hard Brexit across various news channels it didn't take long to see a dip to 1.2730 then through 1.2700 to post lows of 1.2681 so far.
EURGBP has made steady progress up to 0.8846 from 0.8780 helped by general EUR demand following the impressive showing yesterday by Macron's party in the French legislative elections first round.
USDJPY once again failed above 110.40 and with GBPJPY selling in vogue again anyway we've seen the pairs fall to 109.83 and 139.50 respectively. Yen demand in general has returned wit equities extending opening losses and has helped cap core pairs.
AUDUSD,USDCAD and NZDUSD have once again been trading tightly as have USDCHF and EURCHF.
No data of note today but that's not important with so much else going on.
