Forex news from the European morning session 23 February 2015
News:
- Greek govt says it will send list of reforms to EU today
- Hold the front page - Greek reforms list arrives in Brussels
- EU Commission hasn't received the Greek list yet
- Japan's Hamada says BOJ can halve the inflation target
- IFO's Sinn says Greece should exit the Eurozone for the benefit of its people
- IFO says domestic demand has weakened slightly
- Real wages in the UK to rise for the first time since 2007
- AUD/USD tumbles as commodities soften and the USD eyes Yellen
Data:
- German IFO business climate Feb 106.8 vs 107.7 exp
- February 2015 UK CBI distributive trades sales 1 vs 34 exp
- SNB sight deposits w/e Feb 20 CHF 382.97bln vs 384.92 prev
The relief rally seen on Friday following the Greek deal announcement has been shortlived as further consideration has seen pressure back on the euro from the off this morning
EURUSD has been down to 1.1295 from 1.1385, EURGBP to 0.7352 from 0.7394 and EURJPY to 134.51 from 135.60 in what has also been a largely USD-positive session
USDJPY had an early wobble to 118.90 but has since been back up to test good offers around 119.35 also capped by the euro selling. USDCHF has carried on what it started in Asia and posted highs of 0.9515 from 0.9440 but similalry has been weighed upon by the euro pressure on EURCHF which had capped that pair's rally at 1.0772
GBPUSD found bids at 1.5380 initially as EURGBP came lower but then the USD+ tones finally prevailed to see a move to 1.5332 support again accelerated by weak retails data
USDCAD has see a move above 1.2600 from 1.2540 on softer oil price and USD buying combo exacerbated by M&A news that Valeant are looking to buy US firm Salix in a USD10bln del. AUDUSD saw a rapid tumble from 0.7835 to 0.7780 support on lower gold prices giving AUDNZD another push lower to 1.0362 which put the brakes under NZDUSD falls but not before posting lows of 0.7487 from 0.7520
All eyes on Greece and Brussels today then as the midnight deadline for its reforms list looms ever closer, but there's lots of commodity price action to consider too
