Forex news from the European morning session 9 March 2015
News:
- ECB buying German bunds on Day 1 of QE
- Buba confirm they started QE
- Happy QE day as the ECB get the cheque book out
- Merkel says there is still immense work to be done on Greek reforms
- German deputy fin min doesn't expect firm decisions on Greece today by Eurogroup
- Talk of a Juncker-Tsipras meeting this Friday not confirmed
- Growth is stabilising and Europe is on the up says OECD
- ECB's Vasiliauskas says do not expect other central banks to counter weak Euro
- IFO's Sinn says Greece would be better off leaving the Eurozone
- From risk to reality - Guest Trader
- SNB sight deposits w/e 6 March CHF 378.793bln vs 383.657bln prev
- Option expiries 10am NY cut 9 March
Data:
- German trade balance Jan EUR+15.9bln vs +19.5bln exp
- Bank of France cuts Q1 GDP forecast to +0.3% vs +0.4% prev
- March 2015 eurozone Sentix index 18.6 vs 15.0 exp
- Spanish house prices rise the fastest since 2008
- Nikkei 225 closes down -0.95% at 18,790.55
The session has seen the start of ECB QE which gave the euro a relief rally but the bigger picture remains far from clear still
The euro started in perky fashion on relief, as much as anything else, that the QE programme was finally underway and we saw EURUSD up to 1.0907 from 1.0870 lifting EURGBP to 0.7220 from 0.7192 and EURJPY to 131.73 from 131.30. Other euro pairs showed a similar pattern
But it was a case of buy rumour/sell fact and as soon as the QE news was confirmed on the wires we saw the euro cap once again and now returning to 1.0862, 0.7190 and 131.42
GBPUSD also enjoyed some love early on through 1.5100 and then caught another bid to 1.5122 as EURGBP started to fall back but it too has now returned back to 1.5100
USDJPY had an early look above 121.00 and posted 121.13 before running out of steam to fall back below 120.80 only to run into decent demand again to pop back above 121.00 as I type.
USDCHF found itself on the back foot from the off and fell back from 0.9860 to 0.9825 before running into good demand which has also kept support under EURCHF while USDCAD has had its own dip from 1.2620 to 1.2572 .
AUDUSD has been in tight mode above 0.7700 with a large option looming there today while NZDUSD has rallied to 0.7390 from 0.7340 only for the pair to also run out of steam
A reminder that our friends across the pond are already at their desks and raring to go after their clocks went forward at the w-e.
