ForexLive morning news wrap: Pound falls on weaker GDP while euro impresses again

Forex news for the European morning trading session 29  Sept 2017

News:

  • BOE’s Carney says they have a responsibility to identify risk in the economy
  • More from Carney: Brexit transition period is in best interest of both UK and EU27
  • More from Carney (2): BOE’s job to help make Brexit work
  • EURGBP forges higher on weaker UK GDP and month-end demand
  • Chinese fund managers cut proposed equity exposure for next 3 months to 73.8%
  • Japan fund managers trim stocks, steady in bonds
  • Riksbank extends Ingves mandate as governor by 5 years
  • China end-June outstanding foreign debt USD 1.56trln vs 1.44trln end-March
  • Here is the Moody’s piece on cooling China home prices
  • Forex option contract expiries for today 29 Sept
  • More on «South Korea bans raising money through initial coin offerings»
  • China press: Trump says he is looking forward to visiting China
  • Trading ideas for the European session
  • Nikkei 225 closes down -0.03% at 20,356.28
  • ForexLive Asia FX news wrap: USD/JPY a tad higher

Data:

  • UK final Q2 GDP qq 0.3% vs 0.3% exp
  • Eurozone Sept CPI estimate yy 1.5% vs 1.6% exp
  • Germany Sept unemployment change -23k vs -5k exp
  • Germany August retail sales mm -0.4% vs 0.5% exp
  • France Sept provisional CPI mm -0.1% vs -0.2% exp
  • UK Sept Nationwide HPI mm 0.2% vs 0.1% exp
  • Switzerland Sept KOF leading indicator 105.8 vs 105.5 exp
  • Japan August housing starts yy -2.0% vs +0.6% exp
  • Japan August vehicle production yy 5.6% vs 1.4% prev

Another lively session to end the week/month with data, CB talking heads and flows all in the heady mix.

Here’s your p/a summary;

  • GBPUSD had another look at 1.3420 but then continued its o/n retreat from 1.3448 to post 1.3382 before 1.3405 on Carney rate hike comments only to give up gains on weak GDP along with EURGBP month-end demand to post 1.3353
  • EURGBP opened at 0.8780 but rallied steadily to post 0.8837 before retreating to 0.8820
  • EURUSD had a couple of earlier failures above 1.1800 and got knocked back to lows of 1.1788 after softer EZ CPI only to rally again to post 1.1819
  • USDJPY had a look/test around 112.70 again in early trading but then proceeded to drop back to 112.38 only to run into fresh demand.
  • USDCHF and EURCHF have both traded tightly

                                                GBPUSD 15m

                                               EURGBP 15m

  • USDCAD had an early failure into 1.2450 and has drifted back to 1.2420
  • AUDUSD and NZDUSD have both mostly had the morning off in ranges of 0.7830-50 and 0.7210—30 respectively
  • Month-end flows and option expiries in play

Other areas of note;

  • BOE 20th anniversary of independence birthday bash continues with BOE speakers inc Carney to come.
  • US data inc PCE and spending while Canadian GDP also on the slate at 12.30. More to follow

 

           

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