Session Wraps - Major Forex Headlines wrapped up by trading session

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Author: Adam Button

Forex news for North American trading on June 23, 2017:

Markets:

  • Gold up $5 to $1256
  • WTI crude up $0.37 to $43.10
  • S&P 500 up 3.8 points to 2438
  • US 10-year yields down 0.5 bps to 2.14%
  • EUR leads, CAD lags

Strong Canadian growth wasn't enough to spark any inflation in May and that means the Bank of Canada probably won't hike rates next month. USD/CAD jumped 80 pips on the soft CPI report and briefly climbed above 1.33 before slipping back to 1.3264.

EUR/USD was also a climbing as the US dollar was generally soft. The euro was near 1.1160 as North America rolled in and it stalled above 1.1180 for a period before a second wind pushed it above 1.1200 and to unchanged on the week after losses Mon/Tues.

USD/JPY was in a tight chop in the 111.20 to 111.30 range. It tried each side a half-dozen times but there was no enthusiasm for a move.

Yesterday there was talk about a BOE hike at the next meeting but it's a tough story to sell. Still, there were some buyers of cable as it climbed 40 pips on the day. The early London high of 1.2744 held, however, and it faded to close at 1.2716.

AUD/USD also failed to break the earlier high of 0.7583 despite a solid attempt. It faded back to 0.7570 in posting a quarter-cent gain on the day.

Have a great weekend.

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Author: Mike Paterson

Forex news for European morning trading on June 23 2017

News:

Data:

It's not exactly been a rip-roaring finish to the week so far but it's  not over just yet.

GBP opened up with a firmer tone on hopes of a softer Brexit and potentially hawkish BOE. GBPUSD rallied from to 1.2680 to 1.2705 before pausing for breath, then a test on 1.2750 as EURGBP fell from 0.8793 to 0.8766. Steady since though with 1.2720 providing some support.

USDJPY and EURUSD both traded tightly in 111.15-35 and 1.1160-88 ranges, the latter being capped by larger option expiry interest between 1.1190-1.1200.

USDCHF has a quick test of 0.9680 support in a rush only to just as quickly back to 0.9705 then 0.9720. EURCHF similarly looked at 1.0830 support before also bouncing back to 1.0860.

AUD found some demand on bullish Chinese oil import data with AUSDUSD rising to 0.7583 from 0.7550 only to fall back to 0.7560 as I type.

USDCAD has mostly traded 1.3220-40 as we wait on Canadian CPI at 12.30 GMT.

Equities  generally opened softer and remained that way while oil had a 30c spike only to retreat back.

The week-end's almost here but hopefully a few pips to be made first.

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Author: Eamonn Sheridan

Forex news for Asia trading Friday 23 June 2017

It was a small range day again for Asia FX, and there was little in the way of fresh news  nor data. We got the preliminary reading for the Japanese manufacturing PMI (June), it slipped a little but remains in 'expansion' territory.

USD/JPY gained a few points' with a range not much greater than 15 points. EUR/JPY fared a little better range-wise (around 25 points); it was helped up by the EUR/USD gaining 10 or so points.

The CHF, too, added a little, a very little.

Cable slipped around 15 points in early Tokyo but soon recovered and has added to its US-time high to be just shy of 1.2700:

AUD/USD is a handful of points up, NZD/USD slipped a little early but is now barely changed on the session.

The People's Bank of China weakened the CNY against the USD again today, and refrained from OMOs citing high liquidity in the market due to fiscal spending.

All in all a subdued Asia Friday fro the currencies.

Gold is up a couple of dollars, oil a few cents.

Regional equities:

  • Nikkei +0.11%
  • Shanghai -0.74%
  • HK +0.07%
  • ASX -0.04%

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Author: Greg Michalowski

Forex trading news for June 22, 2017

A snapshot of other markets at the close shows:

  • Spot gold up $3.70 or +0.30% to $1250
  • WTI crude oil up $0.26 or 0.61% to $42.79
  • US yields are down a touch. 2 year 1.3401%, -0.8 bp. 5 year 1.758%, -1.4 bp. 10 year 2.145%, down -1.7 bp. 30 year 2.714%, -1.2 bp
  • US stocks ended the day near unchanged.  S&P -0.05%, Dow -0.06%. Nasdaq up 0.04%
Another quiet economic day in the markets today. In the US, there was the weekly initial employment claims. No surprises there at 241k vs 240k estimate.  Later in the US leading index for May was released.  It rose for the 9th straight month, but when the Director of the Commerce Department says it is consistent with 2% growth in the US, and DT promised us 3%, that is a bit disappointing.   The markets did not really react (in reality) to the report.  

In other data in the NY session.
  • EU consumer confidence came in at -1.3 vs -3.0.  The story line there is even at -1.3, it was the best reading since 2001 (they should curve the consumer confidence numbers if -1.3 is the best since 2001.  The people in Europe don't seem to be a very confident people).
  • US housing price index was up a decent 0.7% in April (vs 0.5% est). 
  • The big data release came out of Canada. Retail sales in for April rose by +0.8% vs +0.3%. Moreover ex auto they were up +1.5% vs +0.7% estimate That was a market mover. The CAD rose sharply (the USDCAD tumbled). The USDCAD fell from 1.3304 to a low support level of 1.3208 before digging in a rebounding/consolidating.
Below is a quick look at the techicals starting with the USDCAD.

The USDCAD was sitting near a trend line, and near the 1.3300 level prior to the release. On the news, the pair broke below the 200 and 100 hour MAs at 1.3268 and 1.3260.  The high corrective price after the first bottom came up to 1.3262, and from there sellers pushed the pair back down to support at 1.3208-11 (see yellow area in the chart below).  That was a good place to bottom/take profits and the rebound began.  In the new day the 100 and 200 hour MAs are now a topside line in the sand to stay below. The 1.3208 needs to be broken - and stay broken.  


The GBPUSD traders took the day off today.  My friends in London informed me that it was Ladies Day at Royal Ascot and I saw the temperatures were cooler as well. So my guess is the GBP traders were likely swilling champagne or Pimms and if they eyed a race, it would have been by accident.  Topcoats, wild hats and bright colored dresses were the catalyst and focus for traders today and that meant a <40 pip trading range for the GBPUSD.  In the NY afternoon, outgoing BOE member Kristin Forbes (obviously not a horse person) did speak hawkishly (nothing new), and it did help to take the GBPUSD toward its 100 hour MA at 1.2692 (the high reached 1.2690). However, the sellers came in and we are closing nearer 1.2680.  In the new day, a move above that 1.2690 level would be a step in the bullish direction.  ON the downside, the 100 day MA at 1.26318 will be eyed.  

The EURUSD traders may have boarded the same train to races as well. That pair also had a quiet 39 pip trading range today. IN the NY session the price, moved below the 100 hour MA at 1.1161 in the first few hours of trading and up and downed its way to a low of 1.11388, before rebounding into the close.  Going forward stay below the 100 hour MA, and the sellers have the most control.   Targets come in at 1.1131 (low from last week) and 1.1118 (the low from the this week).  If the 100 hour MA is broken (it is at 1.1159 now), the 200 hour MA at 1.11768 looms above. An hourly bar has not closed above that MA since June 13th (the Empire State Building looking day on the chart below).  


For my very best on the AUDUSD you can read my post here....and can also find out about the USDJPY.  

Hope you all have a great Friday (and weekend).  
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The table below is a snapshot showing the changes of the major currencies vs each other.  The CAD is the strongest today, while the AUD is the weakest.


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