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ForexLive European FX News wrap: Range trading the order of the day

Forex news and economic data headlines for the European session 11 May 2016

News:

Data:

Early yen strength was a feature but the session has been largely quiet as range-trading continues.

The Nikkei fell into the close and that helped take USDJPY down to test 108.50 support/demand but we've held there and that's added to core pair support elsewhere.

The pound had a little slide prior to and after the weaker headline UK production data which took cable to 1.4395 from 1.4425 but we've seen dip-demand again to head back through 1.4430 led by GBPJPY buying. Ranging still with traders having an eye on tomorrow's BOE releases.

Softer equities have helped the euro feel some love and that's helped provide a base on EURJPY and push EURUSD back up through 1.1400 but none of it is that convincing. EURGBP had a look above 0.7900 after the UK data but ran into sellers at 0.7910 again.

Similarly AUDUSD found demand into 0.7330 again and bounced to test 0.7370 as I type while USDCAD has had an up n down morning influenced again by oil which itself has had a decent session after an early wobble. USDCAD has traded in a 1.2870-1.2940 range.

Little by way of data to come and I expect markets to remain in ranging mode.

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.

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