Forex News
Dbdaily: European Edition
HEADLINES… * Markets: Equities little changed in Europe/US, bond yields decline in US/DEU, rise in ESP/ITA, not too much change in FX. Modest risk-off tone early Monday.
Asia today: Japan reports marginal Q2 growth; No China rate cut
Weak risk appetite on Friday in the aftermath of China’s softer trade data led to the usual rumours/chatter of a weekend China rate cut late in the session. They came to nothing, so Asia kicked off the session with another weakish start.
EURUSD falls back after failure to take out resistance
EURUSD dropped to just below 1.2300 today as the overhead 1.2400/50 resistance remains in place. GBPUSD fades after yet another upside attempt on its second-worst trade deficit reading ever.
UK Inflation report can keep pressure on sterling
The risk rally is progressing slowly. Sell GBP/CAD ahead of the inflation report? * The highlight of today’s news and data will be the UK Bank of England inflation report. Inflationary pressures are easing, the economy is weak, bank lending is soft, and the MPC is dovish.
Asian Currencies Technicals
AUD/USD: Daily tech studies overbought. The AUD/USD continues to set fresh 4 month highs on a daily basis as it tests the rising daily channel top and rising 21 day upper Bollinger band ($1.0634).
EURUSD – needs more upside soon, or else.
Markets are still in limbo despite last week’s drama – EURUSD needs to take out the next resistance level to keep the focus to the upside. Aussie looks very stretched ahead of RBA – but could it stretch higher still before consolidating?
Draghi talks tough, but Euro hits airpocket on lack of specifics
Draghi unleashed a string of firm-sound rhetoric to open the ECB press conference, touching on a number of key areas, but the lack of “real action right now” has the market in a big knee-jerk disappointment.
Asia today: The calm before the storm? Fed might start first wave
A relatively steady, tight-ranged overnight session led to a steady, tight-ranged Asian session for the EUR today.
A busy week ahead – too much QE priced in?
The FOMC is up Wednesday – more ambiguous rhetoric or is this a set-up meeting for a September QE3 move? And the ECB will need to see Draghi following up on last week’s rhetoric or else…
Asia today: Can the ECB really save the EUR? More clues this week
While the EUR had retreated from its 3-week highs versus the US dollar in the latter stages of Friday’s NY session, it opened a tad higher at today’s Asian open following weekend press reports in Europe.
Asia today: EUR maintains o/n gains; Soft Japan CPI tests the BOJ
After last night’s explosive EUR rally, Asia saw a mild correction in subdued activity but the single currency appeared to find support on the dips, at least in the near-term.
Asia today: Murmurings of more China stimulus? But risk slumbers
Today’s Asian session started favourably, with equity markets opening higher and risk currencies holding onto gains made last night, particularly versus the US dollar. However, with no fresh news or data to influence there was a lack of conviction to push risk higher.