Forex trading news and economic data headlines 9 March 2017
News:
- EURUSD is looking buoyant ahead of the ECB
- EURCHF on the rise again as we wait on the ECB
- It's not a good day in the world of commodities
- Germany's Merkel says Europe needs policies based on free trade
- More from Merkel: Brexit vote was a wake-up call for EU
- Germany's Merkel says Europe needs policies based on free trade
- China's government controlled companies looking to go global
- UK's Osborne being paid a pretty penny to advise Blackrock
- What goes up invariably comes back down as yen pairs retreat
- Yen sellers out in force as USDJPY pushes higher
- It's 2-4-1 on French election polls today
- AUDUSD is in trouble as it breaks below 0.7500
- Option expiries for the 10 am NY cut today 9 March
- Nikkei 225 closes up +0.34% at 19,318.58
Data:
- China M2 money supply Feb yy +11.1% vs +11.4% exp
- Switzerland Feb unemployment rate SA 3.3% as exp
- Japan Feb machine tools orders yy flash 9.1% vs 3.5% prev
A tale of two halves as first we saw yen pairs in rapid rise mode only to run out of puff and retreat back to from whence they came. All on a backdrop of commodity prices continuing to fall.
USDJPY began around 114.50 and got off to a quiet start before then spiking through 114.65 triggering stops before posting 114.94. The move pushed GBPJPY to 139.78, EURJPY to 121.44, and AUDJPY to 86.31.
A combination of offers/res at 115.00 along with some sizeable option expiry interest led to traders taking some money off the table with one eye on the NFPs tomorrow as well as ECB today. We've been back to 114.60, 139.25,121.00 and 85.90 with the core pairs finding first support then resistance but only AUDUSD really taking a hit as gold fell and the pair posted 0.7491 from 0.7520.
Oil's had an awful morning too while equities have erased a few early losses but generally been on the back foot and that's added to some yen and swiss franc demand.
Talking of which SNB boot prints have been over USDCHF/EURCHF with the former underpinned around 1.0140 and the latter spiking back up through 1.0700 to post 1.0729 in a rush before it too ran out of puff but still holding firm.
USDCAD enjoyed the generally bullish USD tones combined with oil price falls to post highs of 1.3534 so far.
So now Draghi & Co loom large and while no change in rates is expected we will expect the algos to feed off any news bombs at the presser.
