Forex news for the European morning trading on 10 Aug 2017
News:
- Trump will use any appropriate measures to protect US interests
- Crude output rose in July - OPEC report
- Euro on the slide again as CHF and JPY demand prevail
- ECB poll sees announcement of change of stimulus program in September
- Latest Reuters poll has BOE leaving interest rates on hold until 2019
- Cable retraces higher after data dump
- RBNZ'S McDermott says NZD needs to adjust down
- Market should recognise RBNZ's discomfort - more from McDermott
- Kiwi takes another leg lower after McDermott comments
- Bank of New Zealand on the RBNZ
- RBNZ seen on hold until H2 2018 - UOB Group
- US Treasury feeling pinch of inflation
- Slower growth for Chinese firms in 2018 - Fitch
- Economists polled by Reuters say Abe should focus on regulatory reforms
- Goldman Sachs looking to test your personality
- Forex option contract expiries for today 10 Aug
- Nikkei 225 closes down -0.05% at 19,729.74
- ForexLive Asia FX news wrap: RBNZ not as dovish as expected
Data:
- UK June industrial production 0.5% m/m vs 0.1% exp
- UK June visible trade balance GBP -12.722 bln vs -11.0 bln exp
- French June industrial production -1.1% m/m vs -0.5% exp
- Italian June global trade balance €4.5b vs €4.344b prior
- Portuguese July CPI 0.9% y/y same as prior
- Irish July CPI -0.2% y/y vs -0.4% prior
- Japan June tertiary industry index 0% m/m vs 0.2% exp
- Swedish June industrial production 0.8% m/m vs 0.1% exp
- Norwegian July CPI 1.5% y/y vs 1.4% exp
The session started with NZD tumbling on comments by RBNZ's McDermott following the decision to leave interest rates on hold . NZDUSD fell quickly from 0.7320 to 0.7290 then proceed to continue lower to test 0.7250.
NZDUSD
Euro sogginess has been notable with EURUSD,EURCHF EURJPY and EURGBP all grinding lower through the session , the latter helped by better UK industrial production headline but the rest of the output/trade data was less impressive.
GBPUSD had a steady drift lower to 3-week lows of 1.2951 helped by GBPJPY supply but the demand/support I've been highlighting there lately has held again and with that EURGBP supply we've seen a test of 1.3000 again.
USDJPY trawled around 110.00 to start with but lack of any upward momentum led to more yen demand and we've drifted down to 109.73 while USDCHF has fared a little better but undermined by EURCHF down to 1.1300 from 1.1340.
USDCAD has remained underpinned on cross flows while AUDUSD found dip demand into 0.7875 helped by AUDNZD buying.
Oil had a strong start to the session but then faded while equities opened soft and extended losses adding to the weaker euro tones. Gold continues to feel the love to post $1282.
Data wise we have US PPI and weekly jobless with Fed's Dudley up to the mic at 14.00GMT
