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Syria continues to cast a shadow

Written on by Mike Paterson, MSP FX

As US Congress drafts a proposal for limited military action the world’s attention stays focussed on Syria and markets remain understandably cautious. The Pound continues to shine overall as positive data keeps coming in, this morning’s Services PMI just released being no exception. GBPUSD is trying to get above 1.5600 again as I type with EURGBP once again testing good support at 0.8440 ahead of larger buying interest between 0.8400-25. GBPCHF is up to 1.4615 and GBPJPY 155.44 but GBPAUD has fallen sharply as better than expected Q2 GDP data from Down Under sent traders rushing to cover short AUD positions. AUDUSD is up 100 tics at 0.9150 forcing GBPAUD down to 1.7017 before bouncing to 1.7065 currently EURUSD continues its crab-like existence at 1.3165 and overall the major pairs remain in a tight range ahead of tomorrow’s BOE and ECB decisions and Friday’s US NFP jobs release. Andy Murray makes it to the last 8 of the US Open and today new FA Chairman Greg Dyke outlines his brave new world for the beautiful game. Don’t hold your breath folks.

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Today’s Data: BST:

09.30 UK Services PMI 10.00 EU Q2 GDP ( 2nd reading) 13.30 US Trade Balance

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