Forex news for the European trading session 8 June 2017
News:
- Latest IPSOS Mori poll has Conservatives widening lead to 8 points
- As UK election voting gets underway here's a few thoughts
- EU's Moscovici says Eurogroup capable of reaching Greek accord by 15 June
- USD demand in play as ECB draws ever near
- Forex option expiries for the 10am New York cut 8 June
- Moody's expresses concerns over economic growth of sovereigns
- European equity markets open firmer 8 June
- Nikkei 225 closes down -0.38% at 19,909.26
Data:
- Eurozone Q1 GDP final qq SA +0.6% vs +0.5% exp
- Germany industrial production mm SA +0.8% vs +0.5% exp
- France April trade balance EUR -5.535bln vs -5.95bln exp
- Switzerland May CPI mm +0.2% vs 0.0% exp
- Switzerland May unemployment rate SA 3.2% vs 3.3% exp
- Greece March unemployment rate 22.5% vs 22.9% prev
Lots of potential volatility today but with the key events of ECB, UK election and Comey still open to variable outcomes we've seen some good two-way business.
Early moves saw a return of yen demand as yesterday's risk-on sentiment reversed and that meant USDJPY falling to 109.38 from 109.95 and yen pairs following suit.
GBPJPY down to 141.74 and EURJPY to 123.16 also helped to cap core pairs and that meant GBPUSD topping at 1.2978 from 1.2950, a rally helped by EURGBP falling to 0.8672.
As equities and oil firmed though we saw risk appetite return and led by USDJPY rising up through 110.00 after wiping its feet around 109.85. That USD demand sent USDCHF up to 0.9677 and GBPUSD down to 1.2934 with EURUSD needing little encouragement to post 1.1230 from 1.1269
USDCAD has been steady between 1.3500-20 as a small oil rally weighed against the USD demand while AUDUSD and NZDUSD similarly remained tightly bound but underpinned at 0.7535 and 0.7185 respectively.
Data wise we have US initial jobless claims and Candian housing data plus BOC gov Poloz later at 15.15 GMT but it's the ECB, Comey testimony and UK election that will be stealing the headlines.
