Forex news for European morning trading on June 21 2017

News:

Data:

The pound found itself under pressure again for the first part of the session with GBPUSD moving from 1.2725 to 1.2689 and EURGBP up to 0.8844 from 0.8808.

Failure to break lower and the upcoming Queens Speech then encouraged some profit taking and by the time Her Maj sat down we were back to 1.2730 and 0.8825.

The ,albeit diluted, speech suggested a softer Brexit tone to previous May rhetoric and that helped support the pound too until lifted higher in a flash moments later as BOE chief economist Haldane spoke in hawkish tones.

GBPUSD was soon testing 1.2700 from 1.2645 and EURGBP 0.8785 from 0.8805 in rapid-time. Second wave action has seen 1.2709 and 0.8772 before fresh GBP supply.

Elsewhere USDJPY and EURUSD have both seen ranges contained by large option expiries today along with two way cross impact from EURGBP and GBPJPY.

Equities opened on the back foot as per elsewhere around the globe and that added to the early risk-off sentiment.

Oil also suffered early losses but has recovered to post fresh session/Asian highs and that's seen USDCAD up and down in a 1.3270-1.3300 range.

AUDUSD and NZDUSD have remained underpinned but both in retreat later in the session.

US existing home sales at 14.00 GMT the only data event of note to come.