Forex trading headlines from the European morning session 11 September
9/11 Lest We Forget
- UK claimant count change august -32.6k vs 22k exp -36.3k prev revised from -29.2k
- Syria: UN rights investigators say the govt and rebels have both comitted war crimes
- BOJ’s Ishida says markets should not overeact to temporary slump on sales tax hike
- Chinese Premier Li says taking measures to stimulate growth
- ECB’s Coene says Greece will need additional help
- France’s Muscovici confirms lower GDP forecasts
- ECB’s Coeure says derivatives reforms will affect collateral needs
- Italy’s Saccomanni says deficit to remain below 3% of GDP in 2013
- German CPI final august y/y +1.5% as expected
- French current account july: EUR-3.2 bln vs -1.4 bln prev
- US MBA weekly mortgage index 385 vs 445 prev
- Nikkei closes up 0.01% at 14,425.07
- Shanghai comp index closes up 0.2% at 2241.27
Another lively session given a further shot in the arm with better than expected UK jobs data sending the pound rapidly north before sellers, and profit-taking, drove GBPUSD back down to from whence it came.
The move had started just before with cable triggering stops on the break of 1.5750 posting highs of 1.5777 when the release took it higher in a rush to 1.5827 ahead of further strong sell interest.The pair then headed back to new suppport between 1.5775-85 but the failure to rebound above 1.5800 signalled further losses. 1.5750 now presents the pivotal base.
EURGBP also fell to 7-month lows of 0.8383 before similarly attracting GBP sellers and has since bounced back to 0.8414 but still finding resistance. Similar stories on pound pairs.
USDJPY drifted off early on a weak Nikkei closing and magnetized by the option expiry today of USD500m at 100.00. The pair fell from 100.60 to 100.09 before bouncing. Yen pairs traded in tandem
AUDUSD has seen good support below 0.9300 but still finding it hard to clear large resistance between 0.9325-50
Today we remember 9/11 so let’s try and keep market trials and tribulations in context as we welcome our friends across the pond to the trading day.
