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MSP Foreign Exchange Services was born

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MSP Foreign Exchange Services is different,
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Our clients benefit from improved foreign currency exchange rates but also receive the best independent advice from a highly successful former interbank FX trader to execute deals at the optimum moment, given your time frame and prevailing market conditions.

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''Mike provides a hands-on quality service both to me and my clients and has always produced research which is very accurate which ultimately leads to enhanced foreign exchange on our respective capital. His value proposition is further delivered by an excellent back office infrastructure which can expedite deals quickly and efficiently, which is of great importance in this market. I had looked to find this type of service for many years and feel more than confident with reference to introducing more clients to Mike and his team"

Barry Fromson MD- PFP Strategic Planning

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Informed market commentary from FX analyst Mike Paterson

The MSP Update

Wednesday 3 June 2020 Risk-on sentiment still prevailing but jury out

Foreign Exchange Services

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With over 38 years experience in the industry Mike’s knowledge and market intelligence converts into the best advice for his clients.

More of the same as we see large moves higher in Yen pairs as USDJPY surges up through 108.00, and USDCHF remains bid and that's underpinning core pairs too. Oil prices higher as are equities to keep the risk-on sentiment prevailing. I still don't really get it but markets are what markets do and ours is not to reason why. If the mood of optimism over COVID is the driver then we wait to see if that's justified amid all the other global fragility but for now we can simply go with the flow or stand back. Trying to second-guess when it might turn round is dangerous still for the moment but I stand poised. GBPUSD found itself ranging between 1.2530-60 after failing into the decent techincal level at 1.2575 as EURGBP bounced up and down between 0.8900-20 per my tweets. I hope the steer helped. Seen some further GBPJPY buying take it up through 1.2600 to post 1.2612 but lower again now at 1.2573.EURGBP failed at 0.8920 multiple times on its bounce from 0.8865 but held 0.8900 but we've broken down to look at 0.8880 only to rebound again as GBPUSD fails above 1.2600 and EURUSD gets through 1.1200.GBPJPY took off yesterday amid the risk-on sentiment then accelerated to 137.00 as USDJPY broke up through 108.00 triggering stops through 108.20 and 108.50 to post 108.85 so far. I stay poised to sell GBP rallies overall and buy back in the dips as ever but patience continues to be a virtue and entry level key as always. Still no need to stand in the way of a truck hurtling at speed so my trading size remains smaller and cautious. Better than expected/flask UK Services PMI just released saw a small rally in GBP which was beginning to retreat prior but gains limited for the moment given there will be worse data to come amid all the lockdown inactivity. USDJPY finally broke up through 108.00 triggering some short-position bail-outs given the surge through 108.20 and beyond to 108.85 as someone turned on the risk-on Yen sell button. I had been highlighting the dip demand at 107.50 and 107.30 and noted its reluctance to go lower

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MSP Foreign Exchange Services Limited 2 Blackmoor, Roodlands Lane , Four Elms TN8 6PG UK Company Number 8708683  MSP Foreign Exchange Services only uses companies regulated by the Financial Services Authority under the Payment Services Regulations 2009, and authorised by HMRC for the provision of payment services.

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