Forex trading news and economic data headlines for the European morning session 10 June 2016
- ECB's Weidmann says no further easing required at present
- The SNB will be closely watching Brexit scenarios play out
- Stand by your beds. Next Brexit poll result coming along soon
- US Federal Reserve FOMC preview: Too soon to sound the alarms say Goldman Sachs
- Fitch affirms Japan at "A" but lowers outlook to Negative
- China to take more steps to level the playing field for foreign investors
- OPEC expect a more balanced global oil market toward end-2016
- The future of RBI's Rajan likely to be decided in August
- Pound under attack again as Brexit fears remain ( or not as the case may be)
- Option expiries 10 am NY cut today 13 June
- Nikkei 225 closes down 3.51% at 16,019.18
- China vehicle sales May yy +9.8% vs +0.3% in April
A data-free session saw the focus remain on all matters Brexit and the pound has once again enjoyed a roller-coaster ride with good two-way business.
An early position-squaring/profit-taking rally above 1.4200 from Asian lows of 1.4160 ran into resistance/offers around 1.4220 and we've been all the back down through 1.4150 to post 1.429. An attempt to get back up through 1.4150 failed and the pair slipped back to 1.4116 before rallying once more as news drifted through of another poll due to publish its results at 11.30 GMT
EURGBP had been a prime mover as general euro demand prevailed on softer equities and cable's move lower was accelerated by EURGBP bursting up through 0.7950 before running out of steam into 0.8000 and retreating back to 0.7948 as I type after 0.7987 highs. Overall the pound has seen a similar pattern play out.
Elsewhere EURUSD has enjoyed the equity-led euro demand to post 1.1278 from 1.1245 while USDJPY had an early look at 106.00 only to then post new lows of 105.74 but 105.50 barrier option protection has helped push the pair back up through 106.00 to test 106.25 offers/res before running out of puff as safe-haven yen demand prevails overall.
USDCHF has picked up a couple of bids as EURCHF finds support below 1.0850 with the SNB in the frame again while USDCAD has fallen back to 1.2775 from 1.2820 as oil prices bottomed out after a retreat in Asia.
AUSUSD had a decent session to eventually post 0.7410 from 0.7375 after wiping its feet at 0.7400 and NZDUSD
No data to come but there's enough going on for markets to find enough to feed from.