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London Session Recap

  • Gold, oil fall to significant lows on USD strength and Iran deal
  • More ECB officials talk down the EUR
  • BOJ’s Kuroda: “2% inflation target is ambitious”

There’s no stopping the yen bears! USD/JPY started the day strong as it tested (and then broke above) the 101.50 resistance level. Of course, it didn’t hurt that Nikkei finished another day in the green. The rally in USD/JPY also inspired upside breakouts in pairs such as EUR/JPY and GBP/JPY.

The comdolls weren’t so lucky though. The Canadian dollar suffered more losses against the Greenback thanks to continued USD strength and investors pricing in Iran’s oil deal over the weekend. Gold also took losses in the back of dollar strength and even fell below $1,250 for the first time since early July.

Meanwhile more ECB members are trying to talk down the common currency. ECB’s Benoit Coeure hinted at further rate cuts while Jörg Asmussen said that the ECB would take further action if necessary. It seems that the euro bears are exhausted for now though, as the euro only slipped by 20 pips against the Greenback and even gained pips against the pound, yen, and the franc.

Up ahead we have Switzerland’s employment level at 9:15 am GMT, followed by the U.K.’s BBA mortgage approvals at 10:30 am GMT. Both reports are expected to show better numbers than last month, but keep your eyes peeled for any surprises!

See also:

U.S. Session Recap

Bonnie and Clyde, peanut butter and jelly, Justin Bieber and his hair. Some things just go well together.

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