Forex news from the European morning session 16 Dec

News:

  • Roll up, Roll up! Get the 10 best 2016 trading ideas from ForexLive here
  • China real 2015 GDP growth expected at 6.9%
  • Chinese GDP will continue to slow in 2016
  • SNB's Jordan says CHF cap was lifted because it wasn't sustainable
  • Swiss franc finds some support after better ZEW data
  • EU's Dombrovskis says Eurozone will have final say on Greek debt deal - MNI
  • Brent crude oil unlikely to exceed $40-45 in 2016 - Rtrs
  • FOMC Preview: "Hike it and like it". More from Goldman Sachs
  • What bird will Yellen be today?
  • FOMC Preview: Trading the FOMC dots, according to Deutsche Bank
  • Let's get this show on the road as Yellen prepares to jump in at the deep end Option expiries 10am NY cut today 16 Dec

Data:

  • Eurozone CPI Nov mm -0.1% vs -0.2% exp
  • UK average weekly earnings 3-month/year Oct +2.4% vs +2.5% exp
  • Eurozone trade balance Oct SA +€19.9bln vs 20.6bln exp
  • Eurozone Markit mftg PMI Dec flash 53.1 vs 52.8 exp
  • Germany Markit mftg PMI Dec flash 53.0 vs 52.8 exp
  • France Markit mftg PMI Dec flash 51.6 vs 50.6 exp
  • Japan machine tool orders Nov final -17.7% vs -17.9% flash
  • Nikkei 225 closes up 2.61% at 19,049.91

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Markets have been understandably skittish ahead of the big event later

Overall we've seen US$ demand with USDJPY getting an early lift to 122.00 from a firmer Nikkei and those firmer equity tones spilled into Europe to give the euro a knock lower after early consolidation

EURUSD has been to 1.0915 from 1.0955 with euro supply capping rallies in other EUR pairs with EURGBP rising to 0.7295 after weaker UK wages data before heading back to 0.7270 on GBPUSD finding support into 1.4985 and rebounding back above 1.5020

USDCHF and EURCHF both fell from early highs with better ZEW data being citied while USDCAD enjoyed an early ride higher but has capped into 1.3780. Support around 1.3740 still.

AUDUSD has once again traded tightly pinned down on cross-play action with supply into 0.7220 and demand at 0.7180. NZDUSD

Expect more fragility and skittish behaviour but it will all unravel when Yellen & Co deliver, or not as the case may be.