Forex trading news and economic data headlines 23 February 2017

News:

  • Bundesbank's Weidmann: ECB should discuss continuing to signal expansive policy
  • ECB's Weidmann: I did not support the QE extension in December
  • Slide in 2-year bund yields does not concern Germany
  • ECB's Praet says we need to look through the volatility in short term data resulting from transitory factors
  • ECB's Praet says Eurozone economic conditions have improved
  • More from Praet: We have to minimize the negative effects of Brexit
  • How did Brexit affect the revolving door on migration?
  • Austria's Kern says Trump's travel ban not a good idea
  • US Fed likely to hike rates twice in 2017 and 2018 - Barclays
  • UK housing market to remain stagnant over next three years
  • Japanese government lowers assessment of consumer spending in latest report
  • China's monetary policy will prevent asset bubbles and a rapid rise in debt levels
  • Macron takes some ground back from Le Pen in latest French election poll
  • EURGBP provides some good two-way opportunity with month-end approaching
  • Nikkei 225 closes down -0.04% at 19,371.46

Data:

  • February 2017 UK CBI distributive trades sales +9 vs -8 prior
  • Germany Q4 GDP final qq SA +0.4% as expected
  • Germany GFK March consumer confidence 10.1 vs 10.0 exp
  • France February manufacturing confidence 107 vs 106 exp
  • Italy December retail sales mm -0.5% vs +0.2% exp

Good two-way business to be had albeit in not exactly a rip-roaring session.

USDJPY had found support into 113.00 and was nudging up giving USD some support in a move that saw GBPUSD fall to 1.2427 and EURUSD to 1.0540 among others.

It wasn't long though before yen supply/better risk sentiment was kicking in and with USDJPY standing still at 113.25 we had GBPUSD testing 1.2480 again and EURGBP retreating from 0.8484 to 0.8444 with EURUSD duly lagging in the rally to 1.0565.

EURCHF ran out of steam into 1.0680 but t equally has found support below 1.0650 again with USDCHF retreating through 1.0100 but relatively slowly.

We've had good two-way business since with oil and gold both underpinned and that's kept a bid under AUD and CAD.

US treasury sec Mnuchin speaks shortly and then US Fed heads Lockheart and Kaplan following later. Data wise it's the US weekly jobless claims at 13.30 GMT that will really only trouble the algos.