Stock performance Collage
Markets

ForexLive European FX news wrap: Pound in focus again as Brexit fears continue

Forex trading news and economic data headlines for the European morning session 10 June 2016

News:

Data:

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.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Other Topics

ForEx