Forex news and trading headlines 12 March 2015
Japan consumer confidence index Feb 40.7 vs 39.5 exp
Chinese M2 money supply Feb yy +12.5% vs +11.0%exp
German CPI Feb mm final +0.9% as exp
- January 2015 UK trade balance -8.412bn vs -9.70bn exp
- January 2015 eurozone industrial production -0.1% vs 0.2% exp m/m
- Greek Q4 unemployment rate 26.1% vs 25.5% prev
- BUBA's Weidmann says Greece has lost trust from its partners
- More from Weidmann: ECB QE has further reduced deflation risk
- Weidmann: There's no lack of debt to buy in eurozone
- PBOC governor says he's not too worried by eventual US rate rise
- ECB's Coeure says QE could go beyond Sept 2016 if needed
- More from Coeure: Wants Greek bonds to be eligible in QE programme but bailout review to be concluded first
- EU's Moscovici says Greece must respect international commitments
- Varoufakis says next loan tranche is not the priority
- Austrian economy needed monetary loosening says ECB's Nowotny
- The strongest and weakest currencies as US traders enter for the day
- The US is still waiting for the consumer to catch up
The euro had a last hurrah following yesterday's falls. It held below broken support turned resistance at 1.0560 before dropping through 1.0500 just as alarms clocks went off in Europe. That was enough for some buyers to come in (though more likely shorts getting out) and we had a bounce to 1.0645 before the sellers appeared once again. A dip through 1.0600 found more buyers at 1.0580 and we end the session up on the highs once again. Are euro traders just sucking in the buyers to chew them out again later? Watch this space.
Largely USD/JPY was a bystander as the euro crumbled yesterday but it woke up overnight as it fell from the 121.67 highs to test 120.00 through the morning session. We're just peeping below as I type but may not look to make a bigger move with retail sales just around the corner.
GBP/USD also bounced from a dip below 1.4900 last night but is struggling around the 1.50 level seemingly not knowing what it wants to do with itself. EUR/GBP is knocking on the 0.7100 door and the intraday picture here looks more bullish than in its big brother EUR/USD
AUD/USD has taken advantage of the dollar weakness to tack on over 200 pips from the overnight low at 0.7575 while NZD/USD continues to run naked and free through the hills after being let of the rate cut leash by the RBNZ late in the US session. 0.7400 has just been given up by a few pips, after 0.7430 highs
US retail sales is the big number to watch at 12.30 gmt and there's a quick preview here
