ForexLive European FX news wrap: Trade, Italy, Brexit and options all in play

Author: Mike Paterson | Category: News

Forex and Bitcoin news from the European morning trading 5 Mar 2018

A busy morning but a scrappy one too that's seen a few false starts and still ranging after all.

Trump has tweeted on trade again, equities have fallen with Italy leading the way post hung-parliament election outcome, Bitcoin has run into sellers at $11600 and Brexit lurks in the shadows still.

GBPUSD has found support around 1.3780 and sellers above 1.3830 helped by decent option expiry-led supply after decent UK services PMI lent support

Similarly USDJPY also option-impacted and climbing back to 105.70 from 105.35 with large expiry interest at 105.50 lending support. Yen supply a feature too generally but buyers poised and capping rallies.

EURUSD rallied from election-wobble lows of 1.2269 in Asia to post 1.2335 but retreat since to 1.2990 with EURGBP falling back to look at 0.8900 from 0.8935 and underpinning GBPUSD around 1.3800.

AUDUSD pinned to option-related 0.7750 interest while USDCAD has rallied from 1.2890 to 1.2935 on renewed CADJPY selling and USD demand.

Bitcoin has been underpinned at $11400 but capped at $11600.

Gold has fallen to $1323 from $1326.50 and oil lower too with WTI $61.15 from $61.85

Only US PMI and ISM data of note to come at 14.45 and 15.00 GMT