• US Dollar selling again as a new week gets underway

    Going nowhere in a hurry still but we've seen a general softness to the Greenback as markets wind up for another week in the ever-fickle world of Forex.It's still not just a straight US$ play though but attention will shift toward US Fed chair Powell's potentially keynote speech from the annual Jackson Hole shindig later in the week.

    GBPUSD has camped above 1.2700 but failing so far to make much headway above 1.2750 with GBP sellers poised elsewhere still too and helping to cap rallies as Brexit concerns and indifferent UK economic data remain in play.Immediate support/buying interest around 1.2700 still then larger into 1.2680 and 1.2650.Sellers still poised between 1.2750-60 with larger between 1.2780-00 and 1.2830. Keep selling the rallies but continue to be aware of the ongoing dip demand given the extensive recent falls.

    EURGBP has rallied further to post highs of 0.8980 (GBPEUR down to 1.1133) on the general EUR demand again coupled with the overall softness in the Pound. Sellers still poised between 0.8980-0.9000 then 0.8920. Some buyers now around 0.8950 and 0.8930 then larger into 0.8900 still.

    EURUSD has found a few buyers again helped by the Greek bailout ending leaving them free to borrow money in the markets again but at what cost overall?. Sellers still notable into 1.1450 then 1.1480-1.1500 will help cap further rallies if we get anywhere close.Buyers immediately around 1.1400 still then more into 1.1380 and 1.1350 again.

    USDJPY continues to range trade too but has found the expected demand between 110.30-50.Sellers poised now around 110.80 then 111.00, 111.30 and 111.50 still. USDCHF remains underpinned above 0.9930 with the SNB never too far away and that is still filtering through to EURCHF which has which has been up to test 1.1400.Sellers remain poised on both though as I've been warning but we can continue to expect dip demand still.

    AUDUSD duly rallied through 0.7280-0.7300 to post 0.7321 where a few sellers still remain poised. Immediate buying interest at 0.7300 and 0.7280 then 0.7250 still. Sell interest between 0.7320-30 and 0.7350. USDCAD has fallen once again but still finding a line in the sand at 1.3050 for the moment. Sellers now into 1.3080-00 with buyers poised around 1.3050, 1.3030 and 1.3000 still.

    Fickle Summer markets still prevailing so get your orders in to take full advantage of these moves.

    The mighty Shrimpers of Southend United returned back to the hallowed Hall and put in another impressive shift albeit against poor opposition to produce the season's first win. Onwards n upwards!

    As for England's batsmen, they really have lost the mindset to bat out a Test match and dig in when needed. Too much ODI and IPL/T20 methinks but is it really that simple an explanation/excuse?. Due credit to the Indian bowlers though who made the most of favourable conditions.

    Remiss of me in my haste on Friday not to make note of the passing of Aretha Franklin. "What made her voice so special?" I heard one interviewer ask. "Just listen to it" came the reply. Enough said. RIP Aretha and thank-you for providing so much great music.

    Have a good week out there one and all.

    Twitter: @MSPFX and @MikePatersonFX

    Interbank Rate 08.28 BST

    GBPUSD 1.2741

    EURUSD 1.1421

    EURGBP 0.8963

    GBPEUR 1.1155

    USDJPY 110.65

    USDCAD 1.3064

    USDCHF 0.9950

    GBPAUD 1.7445

    GBPCAD 1.6645

    GBPCHF 1.2676

    GBPZAR 18.6132

    GBPHKD 9.8788

    EURHKD 8.8560

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  • More of the same as another week closes

    Lots of up 'n' down again but ultimately we're still going sideways as markets continue to second-guess.

    GBPUSD found itself tightly bound between 1.2700-30 until just into the option expiry time where some general US$ selling and EURGBP stuck at it's own interest point of 0.8950 saw the pair post 1.2754 in a rush only to retreat once again. We've had another test of 1.2750 this morning only to drop back and test 1.2700 again. Yesterday's UK upbeat July retail sales data lent some support but World Cups only come round every 4 years...

    Immediate support/buying interest now around 1.2700 again then larger into 1.2680 and 1.2650 still.Sellers now poised around 1.2730 again then 1.2750 with larger between 1.2780-00 and 1.2830. Keep selling the rallies but continue to be aware of ongoing dip demand given the extensive recent falls.

    EURGBP posted highs of 0.8962 (GBPEUR down to 1.1158) helped by that large option expiry interest 0.8950 that I highlighted. Sellers still poised between 0.8980-0.9000. Some buyers still around 0.8930 then larger into 0.8900 and between 0.8870-80 still.

    EURUSD has found a few buyers again and posted 1.1409 in rush only to fall again to test 1.1350. Sellers still into 1.1430 and 1.1450 where large option contract interest rolls off today then 1.1480-1.1500 will help cap further rallies if we get anywhere close.Buyers immediately around 1.1400 also with large option interest there too then more into 1.1370 and 1.1350 still.

    USDJPY continues to range trade too.Sellers poised around 111.00 again then 111.30 and 111.50 still. USDCHF remains underpinned above 0.9900 with the SNB never too far away and that is still filtering through to EURCHF which has rallied further to post 1.1363 amid the general Euro demand.Sellers remain poised on both though but we can continue to expect dip demand as I said yesterday.

    AUDUSD has held 0.7250 and now looking to rally through 0.7280 where a few sellers have been waiting. Buyers still at 0.7250 then 0.7230 and 0.7200. Immediate sell interest now into 0.7300 then 0.7320 still. USDCAD has paused for breath again and continues to range. Sellers now into 1.3180-00 with buyers poised around 1.3130 and 1.3100 still.

    Fickle and volatile markets still prevailing so get your orders in to take full advantage of these moves.

    The mighty Shrimpers of Southend United return back to the hallowed Hall tomorrow hoping to turn some encouraging recent form into the season's first win. Bring it on!

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

    Twitter: @MSPFX @MikePatersonFX

    Interbank Rate 08.45 BST

    GBPUSD 1.2721

    EURUSD 1.1390

    EURGBP 0.8953

    GBPEUR 1.1168

    USDJPY 110.74

    USDCAD 1.3141

    USDCHF 0.9960

    GBPAUD 1.7492

    GBPCAD 1.6715

    GBPCHF 1.2668

    GBPZAR 18.6753

    GBPHKD 9.8626

    EURHKD 8.8311

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  • FX markets ranging again as the jury remains out

    Lots of huff and puff but little in terms of solid moves in the past 24 hours as markets continue to evaluate trade and Turkey concerns.

    GBPUSD fell to 1.2665 helped by some general USD demand and GBPJPY/CHF supply but come the 4pm fix and some noised off by the Trumpster we saw a swift return to 1.271o then a test of 1.2730 which has held so far. Next data off the rank to feed the algos is UK July Retail Sales today at 09.30 BST following yesterday's fairly neutral inflation report but one still shows wages not really making any gains.

    Immediate support/buying interest now around 1.2700 again with large option expiry interest there today then larger into 1.2680 and 1.2650 still.Sellers still poised around 1.2730 then 1.2750 with larger between 1.2780-00 and 1.2830. Still ranging though so keep selling the rallies but continue to be aware of dip demand given the extensive recent falls.

    EURGBP tested the 0.8900 support (GBPEUR resistance 1.1235) again only to rally once more as the Pound came under renewed pressure. Large option expiry interest today at 0.8950 in focus and proving a bit of magnet and helping to cap GBPUSD. Should be interesting to see what prevails at 15.00 BST with the GBPUSD option interest in play too. Sellers still poised between 0.8950-60 then larger between 0.8980-0.9000. Some buyers back in now around 0.8930 then larger into 0.8900 and between 0.8870-80 still.

    EURUSD has found a few buyers again as some risk-on sentiment returns and the US$ gives up a few gains to rally and test 1.1400. Sellers still there, 1.1430 and between 1.1450-60 Large option contract interest still at the now pivotal 1.1500 will help cap further rallies if we get anywhere close.Buyers immediately around 1.1350 with larger interest now into 1.1330 and 1.1300 still.

    USDJPY continues to range failing once again above 111.30 with general Yen demand never too far away but some support still notable around 110.50 .Sellers poised into 111.00, 111.30 and 111.50 still. USDCHF remains underpinned above 0.9900 with the SNB never too far away and that is now filtering through to EURCHF which has also found a few buyers amid the general Euro upward correction.Sellers remain poised on both though but we can continue to expect dip demand.

    AUDUSD held the next layer of option related support at 0.7200 but looked a little soggy still as Gold continued to fall only to bounce back through 0.7250 in Asia. Buyers now at 0.7250 then 0.7230 and 0.7200. Immediate sell interest now into 0.7280 and 0.7300 then 0.7320 still. USDCAD rallied strongly on weaker oil prices but continues to range. Sellers now into 1.3160 and 1.3180-00 with buyers poised around 1.3100,1.3080 and 1.3050 still.

    Fickle and volatile markets still prevailing so get your orders in to take full advantage of these moves.

    Have a good day out there one and all.

    Twitter: @MSPFX @MikePatersonFX

    Interbank Rate 08.42 BST

    GBPUSD 1.2706

    EURUSD 1.1368

    EURGBP 0.8949

    GBPEUR 1.1185

    USDJPY 110.83

    USDCAD 1.3131

    USDCHF 0.9940

    GBPAUD 1.7500

    GBPCAD 1.6685

    GBPCHF 1.2632

    GBPZAR 18.4477

    GBPHKD 9.8510

    EURHKD 8.8073

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  • US Dollar remains underpinned

    I said yesterday that the jury remains out and in essence it still does with Turkey and trade wars still at the core of it and we've seen some further USD demand amid the general fragility.

    GBPUSD had a small rally to test the sell interest around 1.2820 that I mentioned yesterday as a better then expected headline UK labour wages/jobs report gave the algos something to feed off. Record levels of those "economically inactive" though and renewed Brexit uncertainty added to a general risk-off session and USD buying and we were soon testing 1.2750 and ultimately 1.2700 again to post 2018 lows of 1.2690.

    Immediate support/buying interest now around 1.2700 again then larger into 1.2680 and 1.2650.Sellers poised around 1.2730 then 1.2750 with larger between 1.2780-00 and 1.2830. Still ranging though so keep selling the rallies but continue to be aware of dip demand given the extensive recent falls. UK inflation data today at 09.30 BST to keep an eye on but the BOE has other issues on its agenda too.

    EURGBP fell to test 0.8900 support (GBPEUR resistance 1.1235) post-data only to rally as the Pound came under renewed pressure but has failed to hold above 0.8930 with Euro selling also still evident. Sellers still poised around 0.8950 then larger between 0.8980-0.9000. Some buyers back in around 0.8900 then larger between 0.8870-80 and 0.8850 still.

    EURUSD has found a few sellers again as the risk-off sentiment returns and has fallen to 1.1317 amid general Euro weakness . Sellers now between 1.1350-60 then more into 1.1400 Large option contract interest at the now pivotal 1.1500 should help cap further rallies.Buyers lined up around 1.1300 with larger interest now into 1.1280 and 1.1250.

    USDJPY has felt some love again but safe-haven Yen demand never too far away and capping rallies.Sellers poised into 111.50 still and 111.80. USDCHF remains underpinned above 0.9900 with the SNB never too far away with EURCHF still under pressure but steadying below 1.1300 for the moment helped by the USDCHF support.I highlighted yesterday that EURCHF showed the Euro is not out of the woods yet and still remains a good barometer.

    AUDUSD finally broke down through the option-related support at 0.7250 only to run into the next layer at 0.7200. Buyers still at 0.7200, 0.7180 and 0.7150. Immediate sell interest now into 0.7250 then 0.7280-0.7300 still.Gold has slipped a little further and remains on the back foot. USDCAD has failed to take advantage of the general USD demand and that's telling as to CAD strength overall. Sellers now into 1.3100 and 1.3130 with buyers poised around 1.3050 and 1.3030.

    Fickle and volatile markets still prevailing so get your orders in to take full advantage of these moves.

    Have a good day out there one and all

    Twitter: @MSPFX @MikePatersonFX

    Interbank Rate 08.40 BST

    GBPUSD 1.2727

    EURUSD 1.1337

    EURGBP 0.8909

    GBPEUR 1.1225

    USDJPY 111.33

    USDCAD 1.3074

    USDCHF 0.9968

    GBPAUD 1.7607

    GBPCAD 1.6636

    GBPCHF 1.2683

    GBPZAR 18.0609

    GBPHKD 9.8672

    EURHKD 8.7905

    Read more...

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  • Pound rallies as some risk-on sentiment returns

    After the market volatility I reported upon my return yesterday we've seen some degree of correction as immediate fears recede and risk-on plays prevail again, but the jury remains out.

    GBPUSD has rallied to post highs of 1.2810 this morning with GBPCHF and GBPJPY demand also notable but sellers remain poised in these fragile conditions.Immediate support/buying interest now between 1.2780-00 then more between 1.2750-60 and 1.2720-30 still as I warned yesterday.Sellers still poised around 1.2820 then larger at 1.2850. Still ranging though so keep selling the rallies but continue to be aware of dip demand given the extensive recent falls.

    EURGBP failed above the 0.8950 area I highlighted too yesterday (GBPEUR down to 1.1168) and has retreated once again as GBP demand returns elsewhere. Sellers still poised around 0.8950 then larger between 0.8980-0.9000. Buyers remain at 0.8900 then larger between 0.8870-80 and 0.8850 still.

    EURUSD has found a few buyers as the risk-on sentiment returns and has tested the 1.1420-30 resistance area but the jury remains out on Euro plays. Sellers still poised nearby around 1.1430 then 1.1450 and 1.1480. Large option contract interest at the now pivotal 1.1500 should help cap further rallies.Buyers lined up around 1.1400 with larger interest now into 1.1380 and 1.1350.

    USDJPY has felt some love after yesterday's hold of 110.00 as safe-haven Yen demand recedes and broken back up through 111.00.Sellers poised between 111.20-30 with larger interest into 111.50 and 111.80. USDCHF remains underpinned above 0.9900 but still finding sellers with EURCHF failing to rally hence also highlighting that the Euro is not out of the woods yet.

    AUDUSD has held the option-related support at 0.7250 and 0.7200. Buyers still at 0.7250, 0.7220 and 0.7200. Immediate sell interest still between 0.7280-0.7300 and containing the rallies with Gold slipping back through the pivotal $1205 level. USDCAD has fallen again after a failure above 1.3150. Sellers now into 1.3130 and 1.3150 with buyers poised around 1.3070 and 1.3050. The Rand has felt some love again as EM markets steady.

    Fickle and volatile markets still prevailing so get your orders in to take full advantage of these moves.

    Have a good day out there one and all.

    Twitter: @MSPFX @MikePatersonFX

    Interbank Rate 08.45 BST

    GBPUSD 1.2801

    EURUSD 1.1416

    EURGBP 0.8919

    GBPEUR 1.1210

    USDJPY 111.07

    USDCAD 1.3081

    USDCHF 0.9913

    GBPAUD 1.7611

    GBPCAD 1.6742

    GBPCHF 1.2685

    GBPZAR 17.9805

    GBPHKD 9.9246

    EURHKD 8.8605

    Read more...

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