Forex news for European morning trading on July 14 2017
News:
- ECB reported to be reluctant to put specific end-date on QE asset purchases
- Swiss franc on the slide. Are we seeing a helping hand from the SNB?
- China revises GDP calculation method
- China's PPI yy growth may slow further
- Forex option expiries for the 14.00 GMT cut 14 July
- Lam says Hong Kong has a lot of catching up to do
- EURGBP testing 0.8800 again in early European trading
- Italy May trade data beats previous readings
- Nikkei 225 closes up +0.09% at 20,118.86
- With ForexLive Asia FX news “You’re in such great shape!”
Data:
- Italy June CPI final mm -0.1% as expected
- Eurozone May trade balance SA EUR 19.7bln vs 20.2bln exp
- Japan May industrial production final mm -3.6% vs -3.3% prev
As we wait on US CPI data at 12.30 GMT markets began by expecting some further EUR pair action but it's all been tightly bound and somewhat anti-climatic.
What has grabbed the eye however is a weakening of the swiss franc in an almost straight line adding to a general weakness over the course of this week despite a softer euro generally in the past few days. I posted here on my conjecture that the SNB might be lending a helping hand in moves from 0.9660-0.9700 and 1.1030-1.1074
EURCHF
EURUSD has been contained between 1.1400 and 1.1425, mostly trawling around 1.1405 while EURGBP has so far clung onto 0.8800 support but failed to get back above 0.8815.
That softness has helped underpin cable which has traded up through 1.2950 to post 1.2970 highs so far and held 1.2950 on the retreats.
USDJPY fell in early trading to 113.15 after 113.58 Asian highs before recovering some poise only to fall back as I type.
AUDUSD has remained on the front foot but running into decent sell interest from 0.7780 while USDCAD continues to be tightly bound near post-BOC lows with gold and oil both making gains.
Jury still out on European equities today so far
Data risk coming up is US CPI and retail sales at 12.30 GMT with Michigan sentiment following at 14.00GMT .
Fed's Kaplan up to the mic at 13.30 GMT.
