• More of the same as fragile conditions prevail

    It's still a mixed bag out there at the moment but we're seeing some ongoing US$ buying overall as a theme again, with the USD index rising to highs not seen since May 2017, albeit with a touch of risk-off sentiment helping to cap USDJPY and USDCHF rallies

    GBPUSD has continued to fall and test bids into 1.2880. EURGBP selling yesterday amid the softer Euro tones generally helped hold up the retreat but the demand I've highlighted around 0.8635 has helped cap Cable rallies helped by fresh GBPJPY and GBPCHF supply. Cross party Brexit talks continue to show little evidence of any progress being made as per printed programme and with May still fighting her own party too the market is happy to sell the Pound again.

    EURGBP has been tightly bound after that retreat into 0.8630-35 (GBPEUR up to 1.1585) as EURUSD continued to fall but remains underpinned with month-end demand ever nearer on the horizon again.

    I remain GBP bearish overall and continue to rally-sell as my preferred strategy amid the Brexit debacles and general USD demand currently prevailing. Plenty more noise to come in the weeks ahead and the algos will continue to feed off the headlines. Keep an eye on my MikePatersonFX Twitter feed where I try to update when at my desk.

    EURUSD has fallen through key 1.1170-80 support having failed into 1.1230 area and that triggered stop-loss and fresh shorting interest and we've been down to 1.1145. USDJPY rallied up through 112.00 to once again test the 112.20 area I've been highlighting helped by short covering to avoid large carry costs for the long Japanese Golden Week holiday which begins on Monday. We've seen a nice retreat since helped by risk-off sentiment and after BOJ offered little of note once again at their interest rate policy meeting but still looks underpinned into 111.65.

    USDCHF remains underpinned but fallen back as EURCHF found sellers again amid the general EUR retreat but finding expected dip support around 1.1380 with the SNB ever-watchful.

    AUDUSD has retreated further to test 0.7000 support/bids having failed to climb back above 0.7050 helped by some AUDJPY supply. USDCAD had a brief rally from 1.3450 to look st 1.3520-30 offers/res after the BOC left rates on hold and slashed growth forecasts but fell back only to understandably find dip support back into 1.3450-60 and is climbing back through 1.3500 as I type.

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

    I wish you good trading and I hope my updates/tweets are helping.Let's continue to be careful out there and don't get greedy. Feel free to contact me about discounted 1-2-1 mentoring rates if you need some clarity on current moves/guidance on FX strategy.

    Have a good day out there one and all.

    Twitter: @MSPFX and @MikePatersonFX

    Interbank Rate 08.11 BST

    GBPUSD 1.2910

    EURUSD 1.1153

    EURGBP 0.8638

    GBPEUR 1.1574

    GBPAUD 1.8408

    GBPCAD 1.7421

    GBPZAR 18.6737

    GBPHKD 10.0091

    USDJPY 111.75

    USDZAR 14.5017

    EURJPY 124.75

    EURHKD 8.6479

    GBPJPY 144.39

    AUDUSD 0.7015

    EURCHF 1.1385

    USDCAD 1.3491

    USDCHF 1.0204

    Read more...

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  • USD demand still notable

    Firstly apologies for late delivery of my update but I've been out at a business breakfast meeting. It's a mixed bag out there at the moment but we're seeing some ongoing US$ buying overall as a theme.

    GBPUSD failed into 1.3020-30 again and has fallen to 1.2915. Cross party Brexit talks have shown little evidence of any progress being made as per printed programme and with May still fighting her own party too the market is happy to sell the Pound again. EURGBP has been tightly bound but remains underpinned with month-end demand on the horizon again.

    I remain GBP bearish overall and continue to rally-sell as my preferred strategy amid the Brexit debacles and general USD demand currently prevailing. Plenty more noise to come in the weeks ahead and the algos will continue to feed off the headlines.

    EURUSD has fallen through 1.1200 a few times, notably post option expiry time yesterday after large interest rolled off, but held the next support at 1.1180 but similarly can't get back above 1.1230. USDJPY still looks underpinned into 111.65 which has held yet again but rally sellers equally poised around 112.00 as we've been seeing lately and again yesterday.USDCHF remains underpinned but fallen back as EURCHF found sellers above 1.1450 amid the general EURUSD retreat but still expect dip support with the SNB ever-watchful.

    AUDUSD has broken down through 0.7080 support and retreated further through the next lines at 0.7050 and 0.7030 as CPI missed expectations and added to RBA rate cut hype.USDCAD has finally broken back up through 1.3400 to post 1.3462 on the firmer USD/softer oil combo.

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

    Have a good day out there one and all.

    Twitter: @MSPFX and @MikePatersonFX

    Interbank Rate 09.40 BST

    GBPUSD 1.2931

    EURUSD 1.1215

    EURGBP 0.8672

    GBPEUR 1.1530

    GBPAUD 1.8358

    GBPCAD 1.7391

    GBPZAR 18.5137

    GBPHKD 10.0246

    USDJPY 111.84

    USDZAR 14.3218

    EURJPY 125.43

    GBPJPY 144.62

    AUDUSD 0.7044

    EURCHF 1.1415

    EURHKD 8.6944

    USDCAD 1.3449

    USDCHF 1.0178

    Read more...

    0 comments

  • Jury still out as markets re-open

    Ranges were tight going into the Easter break and so far we're seeing little of note as traders return.

    GBPUSD has looked at 1.2975-80 again which has held once more but similarly failed to break back above 1.3000. Cross party Brexit talks resume now but with little evidence of any progress to be made and with May still fighting her own party too the jury is still out as to which way the cards will fall.EURGBP has also been tightly bound but remains underpinned with month-end Euro demand on the horizon again.

    I remain GBP bearish overall and continue to rally-sell as my preferred strategy amid the Brexit debacles. Plenty more to come in the weeks ahead and the algos will continue to feed off the headlines. No change to this paragraph any time soon.

    EURUSD held the 1.1225 support but similarly can't get back above 1.1280 while USDJPY still looks underpinned into 111.65 which has held again but rally sellers equally poised around 112.00 as we've been seeing yet again. USDCHF remains underpinned as EURCHF continues to find dip support with the SNB ever-watchful and now posting highs not seen since November.

    AUDUSD has duly retreated to test 0.7100 despite some more US-China trade talk optimism as markets still look for an RBA rate cut at some point.USDCAD has failed around 1.3380 but finding support into 1.3330.

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

    Have a good day out there one and all.

    Twitter: @MSPFX and @MikePatersonFX

    Interbank Rate 08.30 BST

    GBPUSD 1.2988

    EURUSD 1.1246

    EURGBP 0.8658

    GBPEUR 1.1547

    GBPAUD 1.8261

    GBPCAD 1.7363

    GBPZAR 18.4497

    GBPHKD 10.0711

    USDJPY 111.88

    USDZAR 14.2068

    EURJPY 125.83

    GBPJPY 145.31

    AUDUSD 0.7114

    EURCHF 1.1443

    EURHKD 8.7220

    USDCAD 1.3368

    USDCHF 1.0174

    Read more...

    0 comments

  • Steady as she goes again into the Easter week-end

    It's all been quiet out there by and large as most markets prepare to shut down for the Easter break. Order boards are sketchy understandably and thin liquidity will mean some will hold better than others.

    GBPUSD has now fallen through 1.3000 to post lows of 1.2979 despite better UK retail sales data yesterday (another nice rally-sell opportunity) but held up so far by 1.2980 bids.EURGBP has also been tightly bound.

    I remain GBP bearish overall and continue to rally-sell as my preferred strategy amid the Brexit delays. Plenty more to come now in the weeks ahead and the algos will continue to feed off the headlines. No change to this paragraph any time soon.

    EURUSD has fallen to test the 1.1225 support but also holding for the moment while USDJPY looks underpinned into 111.65 still but rally sellers equally poised around 112.00 as we've been seeing again.

    USDCHF remains underpinned helped by the EURUSD retreat and EURCHF continues to find dip support. with the SNB ever-watchful. AUDUSD remains tightly bound while USDCAD has failed around 1.3400 again but finding support into 1.3360.

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

    I wish you good trading and I hope my updates/tweets are helping. I'm heading 3 hours north now to football to cheer on the struggling Shrimpers then away for the long Easter week-end but might post something on Monday if able/anything of note.

    Have a good day and week-end out out there one and all.

    Twitter: @MSPFX and @MikePatersonFX

    Interbank Rate 08.28 BST

    GBPUSD 1.2998

    EURUSD 1.1243

    EURGBP 0.8648

    GBPEUR 1.1559

    GBPAUD 1.8156

    GBPCAD 1.7373

    GBPZAR 18.2734

    GBPHKD 10.0789

    USDJPY 111.91

    USDZAR 14.0575

    EURJPY 125.83

    GBPJPY 145.43

    AUDUSD 0.7155

    EURCHF 1.1391

    EURHKD 8.7196

    USDCAD 1.3370

    USDCHF 1.0131

    Read more...

    0 comments

  • Risk sentiment turning sour again and the Euro retreats on softer data

    A mixed bag as we head into the Easter week-end break for many markets. Weaker Eurozone PMI data has seen the Euro retreat this morning with Yen buying also notable with EURJPY and GBPJPY helping USDJPY to cap once again. The Pound continues on the back foot as we wait on the Brexit bs to resume next week and with oil and equities generally lower too we've seen some risk-off sentiment return.

    GBPUSD has now fallen through 1.3020-30 to post lows of 1.3011 before rallying to 1.3032 on better UK retail sales data for March while EURGBP has fallen now on the Euro supply post-PMIs.

    I remain GBP bearish overall and continue to rally-sell as my preferred strategy and buy back in the dips amid the Brexit chaos. Plenty more to come now in the weeks ahead and the algos will continue to feed off the headlines. No change to this paragraph any time soon.

    EURUSD has finally given up on 1.1300 and fallen to lows of 1.1243 post-PMIs but good buying interest down at 1.1225 and 1.1200. USDJPY looks underpinned into 111.65 but rally sellers still poised around 112.00 as we've been seeing again. USDCHF remains underpinned helped by the EURUSD retreat and EURCHF continues to find dip support. with the SNB ever-watchful.

    AUDUSD remains underpinned around 0.7150 but sellers around 0.7200 prevailing atm. Large options rolling off today at 0.7175. USDCAD has moved higher again helped by softer oil prices to weaken the Canadian $.

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

    I wish you good trading and I hope my updates/tweets are helping.Let's continue to be careful out there and don't get greedy. I will update tomorrow before I head away to Walsall for football amid the long Easter week-end and then hopefully post something on Monday

    Have a good day out out there one and all.

    Twitter: @MSPFX and @MikePatersonFX

    Interbank Rate 08.40 BST

    GBPUSD 1.3021

    EURUSD 1.1257

    EURGBP 0.8646

    GBPEUR 1.1564

    GBPAUD 1.8170

    GBPCAD 1.7401

    GBPZAR 18.3170

    GBPHKD 10.0952

    USDJPY 111.80

    USDZAR 14.0742

    EURJPY 125.82

    GBPJPY 145.52

    AUDUSD 0.7165

    EURCHF 1.1373

    EURHKD 8.7298

    USDCAD 1.3368

    USDCHF 1.0101

    Read more...

    0 comments

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