Forex news from the European morning session 2 Dec

News:

Data:

It's been a lively session with both the euro and pound taking turns for a slap lower after weaker than expected data

The pound was the first to feel the market's displeasure as softer UK construction PMI sent cable down through 1.5050 to test 1.5030 support having already been capped below 1.5085 from firmer EURGBP price action.

That pair flew to 0.7070 from 0.7048 having chewed its way up from 0.7030 support but it's time in the sun was short-lived as Eurzone core CPI data sent shivers through euro-longs again ahead of tomorrow's key ECB meeting.

We saw EURUSD fall back through 1.0600 having posted highs of 1.0637 to reach lows of 1.0583 before running into fresh demand. Large option expiry interest at 1.0600 is providing a good layer of bids into 1.0575 and we're back at 1.0593 as I type

USDJPY has been caught up in the cross-play crossfire and contained within a 123.00-20 range while USDCHF has seen similar price action around 1.0265

AUDUSD found 0.7350 a step too far in Asia but supported in Europe into 0.7300 to climb back up to 0.7335 while NZDUSD has been trawling around in a tight band of 0.6655-75

USDCAD has also found itself in narrow range remaining between 1.3360-80 throughout Asia and Europe with oil lower but USD in wait-and-see mode ahead of US ADP data and speeches from various Fed-heads including Yellen

A busy session so far that has plenty more to offer before the day is out