Forex news from the European morning session 25 Jan

News:

Data:

Another session driven by oil and equities has seen the euro mostly underpinned.

After positive Asian equity markets we saw early pressure on oil prices and this in turn led to a wobble on European equity exchanges.

EURUSD rallied through 1.0800 to post 1.0836 and EURGBP eventually up through 0.7600 to 0.7609 before other markets steadied and euro retreated, given a helping hand by softer German IFO data.

The upward move in EURGBP put the heat on cable again and drifting lower from 1.4300 we accelerated through 1.4250 to post 1.4224 before finding fresh buyers.

Similarly the oil and equity falls saw yen safe-haven demand pushing USDJPY down to 118.18 after failing to breach 118.85 in later Asia despite a positive Nikkei showing.

USDCHF nipped back down as EURUSD rallied with EURCHF still underpinned but then we saw the move partly reversed.

USDCAD found itself on the back foot again trading with the oil price fluctuations and failing to hold gains back above 1.4200.

EURAUD demand early doors and the oil/equity wobble saw AUDUSD in retreat back through 0.7000 to post 0.6968 before paring some of those losses.

ECB boss Draghi speaks in Germany at 18.00 GMT but before then we wait to see just how many US traders have made it to their desks after the atrocious w-e weather.