Forex news and economic data headlines 8 September 2016
News:
- BOJ's Nakaso says there is no plan to abandon 2% price target
- BOJ's Nakaso says Japan's economy is no longer in deflation
- More from Nakaso: Reducing monetary policy accommodation is not on the agenda
- ECB preview: Here's what 10 major banks are looking for today
- EU Council president Tusk tells May the ball is in UK's court to start Brexit negotiations
- Russia's Novak says oil output freeze not on agenda of meeting with Algeria
- Greek PM Tsipras says growth difficult without debt relief
- EURGBP rallies through 0.8450 on general euro demand ahead of ECB
- EURUSD posts 2-week highs as we wait on Draghi & Co
- Option expiries 10 am NY cut today 8 Sept
- More option expiries of note over the next few days
- Nikkei 225 closes down -0.32% at 16,958.77
Data:
- Germany Q2 labour costs qq SA +0.2% vs +0.6% prev
- France Q2 Non-Farm Payrolls qq final +0.2% as exp
- Bank of France business sentiment Aug 98 as expected
- Greece unemployment rate June 23.4% vs 23.6% prev
- Spain INE Q2 house price index qq +1.8% vs +0.4% prev
- Japan economy watchers survey current reading 45.6 vs 45.5 exp
It's been the euro's turn to shine this morning as traders seem comfortable that Draghi & Co will not be springing any dovish surprises.
It's been a steady ascent all session for euro pairs after an early EURJPY wobble when BOJ dep gov Nakaso gave yen bears little to cheer and sent USDJPY down to 101.42 from 101.70 and EURJPY to 114.13 from 114.45.
After that though it was a case of dip demand on euro and yen pairs once again that has seen EURUSD post 1.1300 from 1.1245, EURGBP 0.8456 from 0.8427 and EURJPY 114.79.
Elsewhere GBPUSD has found buyers too but capped by EURGBP demand while USDCHF has been steady around 0.9670 as EURCHF nudges higher on the euro strength.
AUDUSD and NZDUSD continue to impress taking advantage of general USD supply and stronger commodity outlook while USDCAD has tested support/demand at 1.2850 before bouncing a little higher as oil backs off session highs.
All eyes on ECB then and we haven't long to wait. As always the presser at 12.30 GMT will carry most risk given that no change to rate or QE is expected.
