Forex news from the European morning session 15 Dec
News:
- OPEC's El-Badri says current oil price will not continue
- Sweden's Riksbank leaves repo rate unchanged at -0.35%
- Riksbank's Ingves says forex intervention is "completely possible"
- ZEW's Fuest says German economy robust enough to weather the issues
- EU's Juncker says economic recovery is fragile
- China to increase pace of government bond issuance in 2016
- Option expiries 10am NY cut today 15 Dec
- More notable option expiries this week
- USDJPY pushes back through 121.00 in a solid recovery
- Oyez, Oyez hear and see Ryan on Tip TV
- Trading Ideas - European session 15 Dec
Data:
- UK CPI Nov mm 0.0 % vs - 0.1% exp
- UK PPI input Nov mm NSA -1.6% vs -1.0% exp
- German ZEW Dec current situation 55.0 vs 54.2 exp
- Eurozone employment Q3 qq +0.3% vs +0.4% prev
- Spain CPI Nov final mm +0.4% vs +0.3% exp
- Switzerland PPI mm +0.4% vs -0.1% exp
- Nikkei 225 closes down -1.68% at 18,565.90
It's been a session that saw the US$ very much on the back foot early on but has since made a decent recovery in what still remains a very mixed bag of frogs out there
The euro saw early gains with EURUSD up to 1.1060 and EURGBP breaching 0.7300 but EURJPY rallies were limited albeit from a solid base around 133.20 as USDJPY continued a Nikkei-led slide through 120.85 to test good demand into 120.50
But as European equities opened firmer we saw a dramatic change in sentiment and it was all downhill for the euro from then on with EURUSD falling steadily to post 1.0989 and EURGBP back to 0.7258 as I type
EURJPY though has held its ground as USDJPY rallied strongly to post 121.15 in what has been a week of cross-pair action across the board
The pound pushed lower early on with the EURGBP demand and posted sub-1.5150 after failing above 1.5180 but a better than expected UK CPI header saw brief respite to 1.5165 before turning lower again to test 1.5130 support/bids with softer PPI adding to the weight
USDCAD found supply into 1.3720 as oil prices bottomed and the pair turned lower to post 1.3674 before heading back up to knock on 1.3700 again
AUDUSD has been ranging 0.7230-65 caught up in the cross-play crossfire while NZDUSD similarly has been down and up and down again between 0.6825-0.6790
Sweden's Riksbank left rates on hold which saw a sharp SEK rally but tempered by threats of further CB action
Markets remain nervous and fragile ahead of the big event tomorrow
