Forex news and economic trading headlines 25 August 2016
News:
- Jackson Hole: HSBC see Yellen in cautionary mode still
- Yellen to disappoint USD bulls at Jackson Hole - Citi
- USDJPY could hit 85.00 if BOJ policy hits the skids - Sumitomo
- Where will USDJPY finish up after Yellen at Jackson Hole?
- 60% of economists see the BOJ easing in September- Reuters poll
- Mr & Mrs Watanabe like eating out
- Cable tests 1.3200 again as EURGBP chews through offers into 0.8550
- South African PM Zuma says he has full confidence in fin min Gordhan
- Net migration to the UK fell in the year to March 2016
- Brexit has had a stronger effect on German business morale - IFO
- Forex option expiries for the 10am (14.00 GMT) New York cut 25 August 2016
- Nikkei closes down -0.25% at 16,555.95
Data:
- August 2016 German IFO business climate 106.2 vs 108.5 exp
- UK CBI retail reported sales Aug 9 vs -14 prev
- August 2016 France business confidence 101 vs 102 exp
- Q2 2016 Spain GDP final 0.8% vs 0.7% exp q/q
- Switzerland industrial and construction output Q2 yy WDA -1.6% vs +1.1% prev
All change on the euro front as falling equities have led to traders taking some money off the table and closing a few EUR shorts.
Funding-ccy correlations have seen the euro under pressure this week as equity markets rallied but now the reverse is true with the DAX falling over 1% on the session to post lows of 10470.73
EURGBP has once again led the way with a move to 0.8559 from 0.8520 and that's capped cable and pushed it down to 1.3197 as I type from 1.3235 as we opened up. That move was an add-on to the fall from 1.3260 in Asia as EURGBP found support at 0.8500 following the move to the 0.8485 target yesterday.
EURJPY has climbed steadily from 113.10 after failing a second time to break lower but there's offers between 113.50-60 capping for the moment while USDJPY has sell interest between 100.50-60.
EURUSD had survived an attempt on 1.1250 yesterday and now seen a solid rally from 1.1265 only to run into good sell interest at 1.1300 again.
More summary to follow.
ForexLive European morning session wrap: Euro recovers some poise as equities head lower again
ForexLive European morning session wrap: Euro recovers some poise as equities head lower again
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