Forex news from the European morning session 2 March 2015
News:
- SNB sight deposits w/e 27 Feb CHF 383.657bln vs 382.965bln prev
- Option expiries 10am NY cut 2 March
- Today's US data possibly delayed due to weather conditions
- February 2015 eurozone HICP flash -0.3% vs -0.4% exp y/y
- Eurozone Markit mftg PMI Feb 51.0 vs 51.1 exp
- German Markit mftg PMI Feb 51.1 vs 50.9 exp
- French Markit mftg PMI Feb 47.6 vs 47.7 exp
- Eurozone unemployment rate Jan 11.2% vs 11.4% exp
- UK Nationwide HPI Feb mm -0.1% vs +0.3% exp
- February 2015 UK Markit/CIPS manufacturing PMI 54.1 vs 53.4 exp
- UK mortgage approvals Jan 60.8k vs 61.0k exp
- Italian Markit mftg PMI Feb 51.9 vs 50.1 exp
- Italian 2014 real GDP -0.4% vs -1.9% in 2013
- Italian unemployment rate Jan flash 12.6% vs 12.9% exp
- German engineering orders Jan yy +3%
- Spain Markit mftg PMI Feb 54.2 vs 55.1 exp
- Irish Investec mftg PMI Feb 57.5 vs 55.1 prev
- Australian commodity index Feb yy -20.6% vs -19.2% prev
- Nikkei225 closes up +0.15% at 18,826.88
It's been a session heavy on data, light on rhetoric and one that's favoured the euro after the recent pressure lower
EURUSD looked a little wobbly to start with around 1.1360 but a run of decent data brought the buyers in and we were soon heading up toward 1.1200 but stalling around 1.1190 before finally heading through and posting 1.1241
Other euro pairs have enjoyed a similar reprieve this morning with EURGBP testing 0.7300 again after 0.7239 Asian lows and EURJPYposting 134.59 from 133.80. The better overall data with falls in unemployment as well have added to a feelgood/feel better mojo
USDJPY has enjoyed support around 119.80 on EURJPY buying but failed so far to breach 120.00 while USDCHF has given up a few gains to 0.9578 but still looks well supported as EURCHF chews its way higher again with 1.0748 posted so far from 1.0370
GBPUSD had an early look below 1.5400 but was then heading higher again up toward 1.5429 on better data before being capped as EURGBP continued its march higher after a little wobble around 0.7265
USDCAD had a little move back below 1.2500 to test 1,2480 support but has since drifted back up while AUDUSD and NZDUSD have also found a little demand off the lows started in Asia
US data coming up but may be delayed as per the headline above but we'll see how much this euro demand is sustained or just a bout of profit-taking