Forex news for the European morning trading session 19 Sept 2017
News:
- Iraq has fully complied with OPEC supply cuts
- Toys "R" Us file for bankruptcy protection in US and Canada
- French 2017 budget deficit seen at 2.9% of GDP
- Merkel's Conservatives drop a point in latest election poll result
- Forex option contract expiries for today 19 Sept
- Nikkei 225 closes up 1.96% at 20,299.38
- Yen weakness helping to underpin core pairs
- ForexLive Asia FX news wrap: AUD pop n drop on RBA minutes
Data:
- Germany September ZEW current situation 87.9 vs 86.2 exp
- Eurozone July current account SA EUR 25.1bln vs 22.8bln prev
- Eurozone July construction output mm 0.2% as prev
A very busy session not done any justice by the lack of headlines but it was all about the flows and price action.
Here's the summary:
- early yen weakness saw core pairs underpinned with USDJPY rallying up to 111.89, EURUSD 1.2005, GBPUSD 1.3552, AUDUSD 0.8003
- EUR strength overall saw EURJPY up to highs of 134.16 not seen since Dec 2015
- EURGBP highs of 0.8900 capped cable gains
- GBPJPY rapid turnaround from 151.60 to 150.45 ( hedge fund flows cited) saw GBPUSD back down to 1.3469 in rapid time but has traded back above 1.3500 since
- EURCHF posted 1.1565 highs not seen since the SNB remover the 1.2000 CHF cap.
- USDCHF by EURCHF demand underpinned to post highs of
- USDCAD traded tightly 1.2265-1.2305 caught in the cross ccy cross fire
Pictures illustrate better than words.
GBPJPY 15m
GBPUSD 15m
EURUSD 15m
USDJPY 15m
Oil has made a few gains on hawkish supply cut talk with WTI trading up to $50.80 from a decent line in the sand now at $50.20. Gold has been trading tightly $1306-1310
Data to come includes US housing sector reports but these markets are paying scant regard for data right now.
