Forex news from the European morning session 25 February 2015
- Germany's Schaeuble says the decision to approve the Greek reforms list was "not easy"
- Varoufakis says bridging deal gives Greece time for a new contract
- Varoufakis says they will have a problem paying the Troika in the summer
- BOJ's Kuroda says he hopes for progress in Japan's fiscal consolidation
- Is the stable door open for GBPUSD?
- Sometimes nothing can be a real cool hand
- Option expiries 10am NY cut 25 Feb
Data:
- Italian trade balance non-EU Jan EUR -0.23bln vs -0.938bln prev
- January 2015 UK BBA housing loans 36,394 vs 36,000 exp
- French consumer confidence Feb 92 vs 91
- US MBA mortgage market index 420.3 vs 435.6 prior
- Swiss UBS consumption indicator Jan 1.24 vs 1.42 prev
- Nikkei 225 closes down -0.10% at 18,585.20
It's been a busy enough morning with the USD finding a certain lack of love as focus returns once again to interest rates and the second part of Yellen's testimony later
GBPUSD made an early break up through its recent range cap at 1.5480 to then trigger stops through 1.5500 to post highs of 1.5539 before heading back down again to 1.5490 as EURGBP found bids again into 0.7310 after failing once again into 0.7350
EURUSD tried to get a leg up in the USD-softer tones from the off but got hijacked by the euro selling elsewhere and we were soon capping at 1.1389 and dribbling back to lows of 1.1335
USDJPY has been caught in the cross-play crossfire but remained under 119.00 while USDCHF has also been drifting around 0.9485 but USDCAD has continued its post-Poloz retreat to test support at 1.2400 from 1.2460.
AUDUSD has had a solid rally to 0.7900 from 0.7850 but failed to make further progress while NZDUSD has seen a steady climb from 0.7520 to 0.7564 on the softer USD tones
Markets will now wait on Yellen and feed off the scraps like it seems to have done since her first words yesterday
