Forex news for European morning trading on July 21 2017
News:
- ECB eyeing October as most likely month for QE decision
- ECB Q3 Survey: 2017 GDP and core inflation revised upwards
- Trump's outside legal team spokesman resigns
- More from RBA's Debelle: Says rising AUD is not welcome
- More from RBA's Debelle (2): Recent data has given us a little more confidence in the economy
- RBA's Bullock says Australian banks now more resilient to shocks
- Option expiries in play as USDJPY posts new session lows
- Forex option expiries for the 14.00 GMT cut today 21 July
- OPEC July oil supply to rise 145k bpd vs June
- Japan's Suga says he expects BOJ to continue efforts to achieve price stability
- USD supply prevailing as European desks get underway
- Turkey denies that it's targeting German companies
- Moody's say measures from China's financial work conference are credit positive
- Nikkei 225 closes down -0.22% at 20,099.75
- ForexLive Asia FX news wrap: AUD drops hard (yep, it’s the RBA again)
Data:
- UK June PSNBR GBP 6.3bln vs 4.9bln expected
- Spanish May yy trade deficit rises to EUR 1.43bln vs 1.2bln prev month
- Greece May current account balance yy EUR - 0.582bln vs - 0.457bln May 2016
- Japan June nationwide department store sales yy 1.4% vs 0.0% prev
A busy session unsurprisingly with some additional fallout on a number of fronts after yesterday's ECB-led fun and games.
EUR pairs continued their march higher early in the session with EURUSD posting near-2year highs of 1.1677, EURGBP 9month highs of 0.8991 and EURJPY testing 130.50.
The DAX started to extend losses, bund yields fell on news that ECB were looking at October for tapering guidance but it wasn't doing the euro any favours as we saw retreats to 1.1640, 0.8950 and 129.80.
Those EURJPY losses were helped by USDJPY giving up on 112.00 and after holding 111.80 we saw further losses in a hurry to yesterday's lows into 111.50 then one more shove before demand returned with option expiries in play.
EURGBP falling back from the highs helped push GBPUSD back up through 1.3000 to test 1.3020 again amid general USD supply
EURCHF supply down to 1.1050 from 1.1089 has helped put a brake under further USDCHF falls around 0.9490
USDCAD has found support into 1.2570 though as falling oil prices helped push back up to look at 1.2600 as I type.
AUDUSD recovered from RBA-led falls from 0.7960 to 0.7875 in Asia to post 0.7930 while NZDUSD rallies capped at 0.7450 on renewed AUSDNZD demand.
Data risk at 12.30 GMT comes from Canadian CPI but there's more to play out before the week is finally out.
