Forexlive European FX news wrap: USD supply and yen demand notable again
Forex trading news and economic data headlines 16 February 2017
- Fed's Fischer: Inflation is going in the right direction
- US treasury secretary Mnuchin confirms he will attend G20 meeting in March
- OPEC deal could be extended if all major producers cooperate - Reuters
- Japan's Postbank CIO says BOJ likely to lift its 10-year bond yield target if USDJPY rises to 120.00
- EU's Moscovici says biggest threat to Europe is lack of investment
- Trudeau says Canada and EU must choose to lead the international economy
- French financial prosecutor says Fillon fake work case will not be dropped
- USDJPY also has problems with a break of a different kind
- The AUSUSD break is walking a fine line
- Nikkei 225 closes down -0.47% at 19,347.53
- France ILO Q4 unemployment rate 10.0% vs 9.8% exp
- Italy December trade balance EUR +5.798bln vs +4.19bln prev
- Japan January machine tool orders final 3.5% as exp
A busy enough session that's seen some good two-way opportunity.
USDJPY began the session by having a look at 114.00 from 113.75 only to fail and that duly set off a chain of USD supply that saw GBPUSD rise up through 1.2500 from 1.2465 to ultimately post 1.2524 before capping once again.
GBPJPY has been in play once again and helped to provide some yen demand after capping at 142.49 and that's sent core pairs lower with USDJPY testing 113.50 again.
EURUSD had led the way earlier by holding 1.0600 and rallying steadily to 1.0642 as I type helping to push USDCHF down to look at 1.0000 with EURCHF holding around 1.0650
AUDUSD retreated from Asian highs of 0.7733 to post 0.7685 as gold also dipped before finding fresh demand and rallying back above 0.7710. USDCAD has drifted down to 1.3013 on the renewed US$ supply
No news of note to behind the moves, just more range trading/testing in the on-going uncertainty with equities in softer mode but commodities regaining some poise.
US weekly jobless claims, housing data and Philly Fed index to come at 13.30 GMT to throw into the mix.