ForexLive European morning wrap: USD bulls still in control after a lively session via ForexLive

Forex trading headlines from the European morning session 1 Oct

News:

• Bank of Spain's Linde says eurozone economy lacks dynamism
• French fin min Sapin says they must adapt pace of budget consolidation to that of Eurozone recovery
• Draghi looking to push the ECB into buying junk Greek and Cypriot loans
• Spain's Montoro says ECB liquidity is reaching SMEs and entrepreneurs
• Donetsk school hit by shelling – Reuters
• Japan's Kuroda says the Tankan results were better than expected
• French budget deficit to GDP ratio to be 4.4% in 2014
• Chatter that the SNB is unofficially on the bid at 1.2050 again – Very large 1.2135 option expiry due too
• Q2 2014 UK labour productivity data will keep the BOE doves chirping loudest
• Spain driving their way to an economic recovery

Data:

• September 2014 UK Markit/CIPS manufacturing PMI 51.6 vs 52.5 exp
• Eurozone Markit mftg PMI Sept 50.3 vs 50.5 exp
• German Markit mftg PMI Sept 49.9 vs 50.3 exp
• US MBA mortgage market index 337.8 vs 338.4 prior
• French Markit mftg PMI Sept 48.8 vs 48.8 exp
• Italian Markit mftg PMI Sept 50.7 vs 49.5 exp
• Spanish Markit mftg PMI Sept 52.6 vs 52.8 prev
• Swiss mftg PMI Sept 50.4 vs 52.0 exp
• Irish Markit mftg PMI Sept 55.7 vs 57.3 prev
• Irish unemployment rate Sept 11.1% vs 11.2% prev
• Japanese overall vehicle sales Sept y/y fall 0.8%
• Nikkei closes down -0.56 % at 16,082.25

A new day and a new month but the same old story of recent times as USD buyers continue to dominate proceedings as we head into the business end of the week

USDJPY has found buyers into 109.75 after failing to hold Asian gains above 110.00 while USDCHF has rallied back to 0.9595 from a dip to 0.9545 as rumours abound of the SNB being on the EURCHF bid at 1.2050, sending that pair back to 1.2080

GBPUSD once again found sellers above 1.6210 and was already in retreat before being sent to recent lows of 1.6162 after weaker PMI data. We've since rallied back above 1.6200 only to find sellers again as USD buyers prevail

More to follow

posted via ForexLive