• Jury still out as another week closes

    Lots of huff and puff on a variety of levels/concerns/ongoing matters still but we're no closer to knowing any more than we did to start the week and FX prices are duly reflecting that by continuing in tight ranges. Plenty of CB people up to the mic today inc ECB's Draghi and a host of US Fed members and we'll stay poised for any news-bombs although I think that's more hope than expectation.

    GBPUSD had a couple of tests of 1.3100 again but has since retreated to test 1.3020-25 support again too with rally-sellers, including me, ever poised but buyers equally having a decent say for the moment as the jury remains out. EURGBP has traded tightly again as the Pound continues on its rinse and repeat round-trip.

    I remain GBP bearish overall and continue to rally-sell. Still no change as far as I'm concerned right now.The latest Brexit sentiment changes only highlighting how fragile/fickle the issue remains while the political mess unfolding can not be deemed positive. Equally there are plenty in favour of buying dips at the moment too so I continue to see good two-way business.

    EURUSD is also still making its mind up but remains a little soggy with softer EU data playing its part too while USDJPY has found support again above 110.50 again after failing into 111.00 once more and also continues to trade tightly.

    USDCHF also continues in a 0.9980-1.0020 range with EURCHF still tightly bound and AUDUSD has understandably settled down again after its up to 0.7205 down to 0.7080 round trip. USDCAD continues to trade tightly but underpinned again amid the current USD/oil price uncertainty with BOC's Poloz also throwing some fuel on the embers yesterday. Should see some good two-way trading still.

    Fickle Forex markets ever prevailing so be ready with your entry/exit levels and orders as always.

    Tomorrow the inconsistent Shrimpers travel north to Accrington and I'll be there too on a 10-ish hour round trip to see if they can continue to show their more consistent away form. Bring it on!

    Have a good day and week-end one and all where ever yours takes you.

    Twitter: @MSPFX and @MikePatersonFX

    Interbank Rate 08.40 GMT

    GBPUSD 1.3028

    EURUSD 1.1346

    EURGBP 0.8709

    GBPEUR 1.1482

    GBPAUD 1.8315

    GBPCAD 1.7231

    GBPZAR 18.2669

    GBPNZD 1.9170

    GBPHKD 10.1022

    USDJPY 110.78

    EURJPY 125.71

    GBPJPY 144.39

    AUDUSD 0.7115

    EURCHF 1.1344

    USDCAD 1.3221

    USDCHF 0.9997

    EURHKD 8.7983

    Read more...

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  • FOMC leaves markets second-guessing still

    Last night the US Fed FOMC published the Minutes to their last interest rate meeting and produced the expected mix of cautious tones, domestically and globally, while still suggesting a chance of hikes if circumstances/data allow. The Fed is another major central bank that finds itself between a very big rock and an equally hard place. The Greenback found a few buyers initially but nothing of real note as the jury remains out.

    Yesterday the Pound make some further gains on renewed positive Brexit outcome hopes but that's been tempered by the defection of three Tory MPs to join the breakaway Labour MP-led Independent Group. Plenty of talk about a significant number of others ready to jump ship. Meanwhile May fiddles while the UK burns.

    GBPUSD had a brief look above 1.3100 but has since retreated to test 1.3025 support with rally-sellers, including me, ever poised. EURGBP has traded tightly as the Pound went on a round-trip.I remain GBP bearish overall and continue to rally-sell. Still no change as far as I'm concerned right now.The latest Brexit sentiment changes only highlighting how fragile/fickle the issue remains while the political mess unfolding can not be deemed positive. Equally there are plenty in favour of buying dips at the moment too so I expect to see good two-way business.

    EURUSD is also still making its mind up and has tested the 1.1380 res/offers before falling back to 1.1320 while USDJPY has found support again at 110.50 after failing into 111.00 yesterday and also continues to trade tightly. USDCHF duly found some dip demand at 0.9980 but failing at 1.0020 so far with EURCHF tightly bound still and EURUSD variable.

    AUDUSD had a wild ride testing 0.7200 res/offers on stronger jobs data only to fall back and test 0.7080 on dovish interest forecasts from Westpac and some more negative-sentiment towards Australia from China. USDCAD continues to trade tightly amid the current USD uncertainty.

    Fickle Forex markets ever prevailing so be ready with your orders as always.

    Have a good day one and all.

    Twitter: @MSPFX and @MikePatersonFX

    Interbank Rate 07.37 GMT

    GBPUSD 1.3033

    EURUSD 1.1337

    EURGBP 0.8700

    GBPEUR 1.1493

    GBPAUD 1.8321

    GBPCAD 1.7190

    USDJPY 110.79

    EURJPY 125.59

    GBPJPY 144.37

    GBPZAR 18.1912

    GBPHKD 10.1045

    GBPNZD 1.9142

    AUDUSD 0.7110

    EURCHF 1.1353

    USDCAD 1.3194

    USDCHF 1.0014

    EURHKD 8.7919

    Read more...

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  • Pound in focus again

    Plenty of uncertainty again but we've seen the Pound make some solid gains in the past 24 hours on renewed positive Brexit outcome hopes and positive wages/jobs data but that's been tempered this morning by reports that three Tory MPs might defect and join the breakaway Labour MP-led Independent Group. Other focus today is the release at 19.00 GMT OF the latest US Fed FOMC Minutes.

    GBPUSD has been up to 1.3077 after pausing only for a while at the pivotal 1.3000 area. The Brexit-led rally was also helped by some GBPJPY demand too but now trading back down at 1.3027 as I type on that Tory defection talk.EURGBP has been down to 0.8675 (GBPEUR up to 1.1530) before finding buyers helped by the general GBP retreat.

    I remain GBP bearish overall and continue to rally-sell. Still no change as far as I'm concerned right now.The latest Brexit sentiment turnaround only highlighting how fragile/fickle the issue remains (no pun intended). Equally there is an argument in favour of buying dips at the moment too so I expect to see good two-way business.

    EURUSD has traded tightly and is also still making its mind up at 1.1350 while USDJPY has found some demand at 110.50 after a retreat from yesterday's highs and also continues to trade tightly.USDCHF has retreated from that sell interest around 1.0060 with EURCHF tightly bound and EURUSD looking underpinned for the moment.

    AUDUSD has also found support helped by some AUDJPY demand and generally weaker USD and been up to 0.7180 after yesterday's RBA-led wobble into 0.7100.USDCAD continues to retreat amid the current USD uncertainty and has now been down to test 1.3180 support.

    Fickle Forex markets ever prevailing so be ready with your entry/exit levels and orders as always.

    Have a good day one and all.

    Twitter: @MSPFX and @MikePatersonFX

    Interbank Rate 08.40 GMT

    GBPUSD 1.3030

    EURUSD 1.1347

    EURGBP 0.8708

    GBPEUR 1.1481

    GBPAUD 1.8206

    GBPCAD 1.7192

    GBPHKD 10.1022

    GBPZAR 18.3888

    USDZAR 14.1044

    USDJPY 110.85

    EURJPY 125.77

    GBPJPY 144.44

    AUDUSD 0.7156

    EURCHF 1.1358

    USDCAD 1.3195

    USDCHF 1.0011

    EURHKD 8.7990

    Read more...

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  • Cautious start to the new week

    Still a lot of noise going on re Brexit, US/China trade, US/Mexico wall funding et al and as another week gets underway in these ever fickle FX markets we're seeing tight ranges as the jury remains out still. I'll say again we are in fragile times and the markets will respond accordingly. US and Canada back from a day off might offer some increased action but plenty of second-guessing still.

    GBPUSD has been tightly contained as expected per my update yesterday and underpinned by some GBPJPY demand. EURGBP has also been tightly bound.

    I remain GBP bearish overall and continue to rally-sell.No change as far as I'm concerned right now.The latest Brexit concerns only adding to a growing realization that the UK is under the cosh in the short term whatever the final outcome. Data risk today comes in the form of latest UK wages/jobs data and as ever it's the wages component that will excite the algos if wide of the mark. Remember though that recent inflation data came in softer and that will help balance the discussion if today's numbers also come in below expectations. The reverse being true also though re any potential shift in interest rates.

    EURUSD has also been biding time amid the current lack of action and we should continue to see some two-way business at these indifferent levels.USDJPY has found some support in Asia after BOJ governor talked about possible further easing if needed but nothing new there there.

    USDCHF remains underpinned but seeing sell interest around 100.60 still with some EURCHF supply again but tightly bound.while AUDUSD had a little wobble earlier on what were essentially dovish RBA Minutes but still unclear. USDCAD continues to trade tightly amid the current uncertainty. Good two-way business still.

    Fickle Forex markets ever prevailing so be ready with your entry/exit levels and orders as always.

    Have a good day one and all.

    Twitter: @MSPFX and @MikePatersonFX

    Interbank Rate 07.57 GMT

    GBPUSD 1.2910

    EURUSD 1.1300

    EURGBP 0.8753

    GBPEUR 1.1424

    GBPAUD 1.8140

    GBPCAD 1.7115

    GBPZAR 18.3352

    GBPHKD 10.0091

    GBPNZD 1.8924

    USDJPY 110.65

    EURJPY 125.03

    GBPJPY 142.87

    AUDUSD 0.7116

    USDZAR 14.1831

    EURCHF 1.1356

    USDCAD 1.3258

    USDCHF 1.0052

    EURHKD 8.7615

    Read more...

    0 comments

  • US Dollar sellers notable again as a new week begins

    Still a lot of noise going on re Brexit, US/China trade, et al and as another week begins in these ever fickle FX markets we're seeing a bit of softer USD sentiment as the jury remains out still. I'll say again we are in fragile times and the markets will respond accordingly. US holiday today should see ranges further contained.

    GBPUSD has found some general demand in the latest dip helped by the weaker USD and some GBPJPY demand and has been back up to 1.2931. Decent size option expiries between 1.2895-1.2915 should help keep range contained barring any major news bombs.EURGBP has fallen back once again on the general GBP demand and has been down to test 0.8730 support(GBPEUR up to 1.1445).

    I remain GBP bearish overall and continue to rally-sell.No change as far as I'm concerned right now.The latest Brexit concerns only adding to a growing realization that the UK is under the cosh in the short term whatever the final outcome.

    EURUSD has been up to 1.1325 helped by some EURJPY supply but tempered by EURCHF and that EURGBP supply while

    USDJPY found a base around 110.25-30 on Friday with support there as I highlighted but continues to find rally sellers, including me, on the general USD supply and year-end Yen repatriation need.

    USDCHF remains underpinned but seeing sell interest at 110.60 amid some EURCHF supply again.AUDUSD has broken up through those range sellers at 0.7130 and been on to post 0.7160 amid the USD supply and AUDJPY demand. USDCAD has dropped back to post lows of 1.3225. Some demand still down there then decent support at 1.3200,

    Fickle Forex markets ever prevailing so be ready with your entry/exit levels and orders as always.

    Housekeeping point: I'm heading out shortly to a funeral and will be away from my desk most of the day. Your understanding is appreciated.Thank-you.

    On Saturday the totally inconsistent Shrimpers of Southend showed all their latest traits, and strengths, to come back from 0-3 down against high-flying Portsmouth to steal a 3-3 draw. Certainly never boring at the hallowed Hall!

    Have a good day/week one and all.

    Twitter: @MSPFX and @MikePatersonFX

    Interbank Rate 07.42 GMT

    GBPUSD 1.2912

    EURUSD 1.1307

    EURGBP 0.8760

    GBPEUR 1.1410

    GBPAUD 1.8050

    GBPCAD 1.7075

    GBPHKD 10.0107

    GBPZAR 18.1709

    USDZAR 14.0941

    USDJPY 110.54

    EURJPY 125.00

    GBPJPY 142.67

    AUDUSD 0.7150

    EURCHF 1.1351

    USDCAD 1.3232

    USDCHF 1.0037

    EURHKD 8.7713

    Read more...

    0 comments

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