Forexlive European FX News wrap: Easter arrives early as jury remains out

Author: Mike Paterson | Category: News

Forex trading news and economic data headlines 13 April 2017



After the USD losses in US and Asia it seems that European desks are not so sure this is such a one way ticket.

USDJPY found buyers int0 108.70 in Asia and a failure to give the pair another shove lower encouraged money to come off the table and we saw 109.24 before fresh sellers emerged and posted 108.95 again.

That in turn gave yen pairs a shove lower again capping core pairs after seeing some early USD supply.

GBPUSD has been down to 1.2536 from 1.2570 helped by EURGBP finding support at 0.8475 and BOE survey showing a few lenders tightening their supply of non-secured consumer credit. Fitch report on the weak retail sector not helping either.

EURUSD has similarly had its wings clipped back to 1.0634 from 1.0675 while USDCHF nudged its way back up through 1.0040 after holding 1.0000 in Asia. Can't rule out a bit of SNB help down there.

Gold has retreated and that's helped cap AUD but the ccy is proving resilient still while the general USD demand and oil price steady behaviour has seen USDCAD off its 1.3220 lows but unable to break through 1.3250.

Equities opened on the back foot and then made a few further losses .

US initial jobless claims, PPI and Michigan surveys to come on the data front along with Canadian mftg and housing reports.