London Session Recap – April 7, 2014

  • German Industrial Production better-than-expected: 0.4% vs. 0.3% forecast, 0.7% previous
  • Swiss CPI ticks higher m/m: 0.4% vs. 0.2% forecast, 0.1% previous
  • European Sentix Indicator better-than-expected: 14.1 vs. 13.9 forecast/previous

We got bullish data from Europe and Switzerland, sparking bullish moves for both the euro and the Swiss franc.

It looks like the rest of the majors are not safe as both currencies are currently pushing higher on the session, and the franc taking a slight edge over the euro–probably benefiting off its “safe haven” status and global risk sentiment is taking a hit at the moment (Nikkei 225 -1.69%, FTSE 100 -0.49%).

EUR/USD is up 22 pips (+0.16%) to 1.3723, USD/CHF is down by 18 pips (-0.27%) to .8888, and EUR/CHF is down 15 pips (-0.13%) to 1.2201.  Keep an eye on the Swissy as it looks like momentum traders are jumping into this move aggressively.

The economic calendar for the rest of the Monday session is near blank with only the U.S. Consumer Credit data coming out at 7:00 pm GMT.  This is a tier two report, so don’t expect a big build up or reaction to the release unless we get a big surprise read.  This means that forex traders will probably take its cues from the broad risk sentiment from the equity markets, which have already taken a hit in Asia and Europe.

See also:

Asian Session Recap

U.S. Session Recap

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