Forex news from the European morning session 16 Feb
News:
- Iran says freezing their output is "illogical"
- OPEC delegates on their way to Iran to discuss capping crude production
- Japan's Ishihara says more data is needed to judge impact of BOJ negative rates
- What do you do when markets turn ugly?
- Fed's Kashkari says Fed could communicate better - FT
- Cable on the ropes again 17 Feb
- Chinese equities close higher 17 Feb
- Nikkei 225 closes down -1.36% at 15836.36 16 Feb
- Option expiries 10am NY cut today 17 Feb
Data
- January 2016 UK labour market report claimant count -14.8k vs -3.0k exp
- December 2015 Eurozone construction output -0.6% vs +0.8% prior m/m
- US MBA mortgage applications +8.2% vs +9.3% prio
- February 2016 Swiss ZEW investor sentiment survey -5.9 vs -3.0 prior
- Japan machine tool orders Jan final -17.2% as flash
A scrappy session but one with opportunity for those who sought it. Markets are wary though ahead of the FOMC Minutes at 19.00 GMT
The pound has been in focus again with cable finding support early around 1.4245 as EURGBP started its slide from 0.7840 from more positive equity markets to eventually test demand into 0.7760. Cable had a further rally on better jobs data, wobbled on softer wages, then ultimately broke higher again to post 1.4339 before running into fresh supply.
The euro has largely been on the back foot on firmer equities and this has also seen a rise in yen and swiss franc pairs as risk-on sentiment played out.
Oil has had a good session and that's seen USDCAD down to 1.3820 while AUDUSD has been contained in a cross play dominated range but NZDUSD has seen steady risk-on gains to 0.6605 before capping.
Eyes now on FOMC Minutes at 19.00 GMT but we'll have some more jobbing around to play into that.
