Forex news, data and trading headlines for the European session 27 March 2015

  • February 2015 German import prices 1.4% vs +0.7% exp m/m
  • March 2015 UK Nationwide house prices 0.1% vs 0.2% exp m/m
  • March 2015 France consumer confidence 93 vs 93 exp
  • Industrial orders drop in Italy as export business crumbles
  • January 2015 Italian retail sales +0.1% vs +0.1% exp m/m
  • Economy still has room to grow says China's Fan
  • Bundesbank's Weidmann says Greek government has lost a lot of trust
  • ECB's Weidmann says Eurozone debt in danger zone
  • BOE's Haldane says there's scope to globally coordinate macroprudential tools
  • BOE's Broadbent says deflation risk pretty low
  • Next interest rate move is likely to be up says Carney
  • Broadbent says BOE is mindful of the exchange rate but do not try and finesse it
  • German press tout Greece's Varoufakis resignation
  • Fed's Fischer makes it 6 out of 6 for boring central bank speak
  • Carney & Co leave a lasting impression as the BOE heads into election lockdown

This morning's central bank line up was akin to expecting to watch a match of Europe's finest footballers. The result was more like watching me playing over the park. The fact that the event was in Germany should have been the biggest clue that it was going to be a dud, especially with the subject matter being a German staple of debt and financial stability.

So the bankers rolled off and so did my sleeping head off the desk. The only bright spot (and I still say it's a straw clutch even as cable trades over 1.49) was Broadbent and Carney uttering some faint remarks that the next path for rates would likely be up and that the BOE were watching, but would do nothing about the strong pound. That's possibly the lot from the BOE as they shut up shop ahead of the elections

GBP/USD had taken an early bath to 1.4800 from 1.4850 as traders fancied a few dollars for breakfast. USD/JPY took on a mild bid tone up towards 119.50 and that caused the run in both the quid and the euro. Big figures were in play for both and while GBP stopped 3 pips under 1.4800, EUR/USD pulled up a pip short of 1.0800

The comments from Carney and Broadbent gave something for traders to grasp as an excuse to bust a move and this lifted the pound up to 1.4860 and then 80. For want of better things to happen the move continued into 1.4900 and we're at 1.4910 as I type

A bounce has been dragged out of EUR/USD as we trade back around overnight levels at 1.0860. EUR/GBP took a hit from the pound strength forcing it well below 0.7300 and the bounce has been minimal there too as we sit at 0.7283

Dollar traders will be hoping that there will be more interesting things afoot when the yanks touch down. Given that the move following Japan's lowest overall CPI numbers since May 2013 failed to ignite a spark, we'll be hoping for something better from the umpteenth US GDP revision for the fourth quarter of 2015