Forex news from the European morning session 14 May 2015
News:
- Varoufakis says Greece will sink without reforms
- Varoufakis says he will not sign off on a bailout deal that hurts Greece
- Varoufakis wants Greek July/August repayment of debt to ECB pushed back
- Reuters corrects its Varoufakis story to "after" July/August debt repayment
- Varoufakis says Greece could return to markets quicker if it was involved in ECB QE programme
- Greece will make sure it pays IMF debt obligations but there must be a deal addressing liquidity
- Carney says weak productivity will pick up modestly
- All hail the mighty euro as the greenback falls again
- Option expiries 10am NY cut today 14 May
Data:
- Japan machine tool orders April flash +10.4% vs +14.9% prev
- Nikkei 225 closes down -0.98% at 19,570.24
It's been all about the euro and Greece this morning but that's not to say we haven't seen some good action in other pairs
We had another quiet start and then got hit with a wave of USD selling led by EURUSD which burst through 1.1400 in a rush from 1.1380 to post 1.1429 dragging euro pairs with it tempering gains on other core pairs
EURGBP rallied to 0.7245 but then fell back to 0.7225 which meant GBPUSD was still able to chew its way through 1.5800 only to be knocked back as EURGBP found fresh buyers in that dip. EURJPY has been up to 136.43 putting a bid under USDJPY below 119.00 while EURAUD had a strong session helping to push AUDUSD down to 0.8080 support area from 0.8125
USDCHF has fallen to 0.9080 support/bids from 0.9160 as EURUSD roared and EURCHF moving down 1.0385 support against the session trend having failed to breach 1.0435 again
USDCAD has been restricted to a 1.1930-60 range on cross play crossfire while NZDUSD also felt the full force of the euro demand following its Aussie $ neighbour down from 0.7550 to 0.7495
Busy busy busy in messy markets but a jobbers delight again if you're not too greedy
