• Dovish FOMC sends USD tumbling

    Last night the US Federal Reserve left interest rates on hold as expected but lack of clarity/communication on the timing of future rate hikes saw algos and traders reaching for the US$ sell button.

    GBPUSD has been up to 1.3158 after holding 1.3000 again yesterday but EURGBP has again been contained between 0.8925-55 (GBPEUR 1.1165-1.1200) as EURUSD rallies strongly to post 1.1777. Overall the Pound remains a mixed bag but mostly undermined still as other currencies take fuller advantage of US$ sales ( see rate table below).

    USDJPY rose to 112.18 yesterday before the FOMC sent it tumbling once again to test strong support into 110.80 while USDCHF tested 0.9600 before falling back to 0.9490 but with losses tempered by EURCHF demand again which has now been up to 18-month highs of 1.1180 amid general CHF supply.

    The Aussie $ had come under fire after soft inflation data and dovish RBA comments but has taken full advantage of the US$ selling with AUDUSD rising from 0.7900 to post 0.8066. Stop me if you've heard this one before but the Canadian $ continues to find favour as oil steadies, softer US$ and with ongoing hawkish expectations from the Bank of Canada

    Don't forget to place your orders to maximize gains/minimize losses with volatility continuing to take markets by surprise.

    Congrats to Adam Peaty on some stunning performances in the pool at the World Championships while our best wishes and cheers also go out to England's women footballers and men's cricketers as they take on their own challenges today. Bring it on!

    Interbank Rates 05.45 BST

    GBPUSD 1.3143

    EURUSD 1.1747

    EURGBP 0.8938

    GBPEUR 1.1187

    USDJPY 110.98

    AUDUSD 0.8053

    USDCAD 1.2420

    GBPAUD 1.6320

    GBPCAD 1.6326

    GBPCHF 1.2492

    GBPZAR 16.9034

    GBPHKD 10.1905

    EURHKD 9.1085

    GBPSGD 1.7810

    Read more...

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  • US FOMC and UK GDP in focus

    The latest US Federal Reserve interest rate announcement is due today at 19.00 BST and we've seen some caution continue even if the consensus is that the FOMC will do nothing.Also on the card for GBP traders though is the first reading of UK Q2 GDP at 09.30 GMT and it's not expected to be great.

    GBPUSD yesterday broke up through 1.3050 to test 1.3100 before USD demand returned as Trump's repeal of Obamacare came one step closer after all and we've since tested 1.3000 again. Overall the Pound remains a mixed bag but mostly undermined still.

    EURUSD has been up to test 1.1700 before similarly retreating with EURGBP still range-bound 0.8930-60 (GBPEUR 1.1160-1.1195).

    USDJPY rose to 112.09 while USDCHF has climbed to 0.9537 helped by EURCHF demand again which is now testing 1.1100 once more.

    The Aussie $ has come under fire in Asia after soft inflation data and dovish RBA comments while the Canadian $ continues to find favour as oil steadies and with ongoing hawkish expectations from the Bank of Canada

    Don't forget to place your orders to maximize gains/minimize losses with volatility continuing to take markets by surprise.

    Interbank Rates 06.40 BST

    GBPUSD 1.3018

    EURUSD 1.1634

    EURGBP 0.8937

    GBPEUR 1.1188

    USDJPY 111.97

    AUDUSD 0.7889

    USDCAD 1.2515

    GBPAUD 1.6500

    GBPCAD 1.6292

    GBPCHF 1.2409

    GBPZAR 17.0247

    GBPHKD 10.0921

    EURHKD 9.0205

    GBPSGD 1.7752

    Read more...

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  • Steady as she goes again

    With the latest US Federal Reserve interest rate announcement looming tomorrow we've seen some caution understandably return to the markets even if the consensus is that the FOMC will do nothing. As ever traders will be looking for further clues in the accompanying statement.

    EURUSD has traded tightly between 1.1620-70 with EURGBP 0.8925-60 (GBPEUR 1.1160-1.1205). GBPUSD found itself back up to test 1.3050 yesterday after an early dip to 1.2990 and is once again being pulled around by EURGBP with the Euro in focus since last week's ECB meeting. Overall the Pound remains a mixed bag but mostly undermined still.

    USDJPY fell further to 110.60 but has rallied well to post 111.30 before running out of steam while USDCHF remains on the back foot in a generally soft US$ environment but with losses still tempered by EURCHF demand again.

    The Aussie $ has found support in the dips and the Canadian $ continues to find favour as oil steadies and with ongoing hawkish expectations from the Bank of Canada

    Don't forget to place your orders to maximize gains/minimize losses with volatility continuing to take markets by surprise.

    Interbank Rates 06.24 BST

    GBPUSD 1.3026

    EURUSD 1.1655

    EURGBP 0.8946

    GBPEUR 1.1176

    USDJPY 111.04

    AUDUSD 0.7935

    USDCAD 1.2500

    GBPAUD 1.6414

    GBPCAD 1.6282

    GBPCHF 1.2332

    GBPZAR 16.8380

    GBPHKD 10.0991

    EURHKD 9.0372

    GBPSGD 1.7726

    Read more...

    0 comments

  • US Dollar remains on the back foot

    As another week gets underway we're still seeing some US$ weakness as we wait on the US Federal Reserve interest rate decision on Wednesday. Expectations of a rate hike have lessened in recent days undermining the greenback.

    EURUSD has led the way again to post 1.1685 dragging EURGBP up to 0.8987 (GBPEUR down to 1.1125) but is dipping again now to 0.8955 (1.1167) as I type as traders book some profit on long Euro trades.

    Meanwhile GBPUSD found itself back up to test 1.3020 after finding demand into 1.2950 while overall the Pound remains a mixed bag but mostly undermined still.

    USDJPY has fallen back again further to 110.77 with USDCHF also down to 0.9460 but with losses tempered by EURCHF demand again.

    The Aussie $ has found support again after last week's RBA-led wobble and the Canadian $ remains well supported by firmer oil and ongoing hawkish BOC expectations.

    Don't forget to place your orders to maximize gains/minimize losses with volatility continuing to take markets by surprise.

    What a great week-end of sport and congrats to Jordan Speith, Chris Froome and the English Women's cricket team who turned in another brilliant performance to win the World Cup Final yesterday. Top work everyone.

    Interbank Rates 06.23 BST

    GBPUSD 1.3015

    EURUSD 1.1670

    EURGBP 0.8966

    GBPEUR 1.1152

    USDJPY 111.05

    AUDUSD 0.7920

    USDCAD 1.2536

    GBPAUD 1.6431

    GBPCAD 1.6315

    GBPCHF 1.2315

    GBPZAR 16.7725

    GBPHKD 10.0905

    EURHKD 9.0480

    GBPSGD 1.7723

    Read more...

    0 comments

  • Euro rallies strongly after ECB comments

    It was the European Central Bank that yesterday posed the greatest risk to price action, as I had warned and so it proved, as upbeat comments from ECB President Draghi sent the Euro soaring.

    Policy, interest rates and QE remained on hold and the Euro was sold on that initial news with EURUSD posting 1.1478 from 1.1520 but as Draghi spoke at the all-important press conference we spiked higher again taking out sell interest and technical resistance to break up through 1.1550 and 1.1600 before finally capping at the 1.1657 2016 highs.

    EURGBP had earlier rallied from 0.8835 (GBPEUR 1.1318) to 0.8875 ((1.1268) on Brexit-related GBP weakness ignoring better UK retail sales data and needed little excuse to join in the Euro love-fest to post 0.8977 (1.1142).

    Meanwhile GBPUSD found itself down at 1.2933 before finding some dip demand on the general US$ selling to rise again to test 1.3000 this morning. Overall the Pound remains on the back foot.

    USDJPY failed to hold rallies above 112.00 and has fallen back to 111.78 with USDCHF tumbling to 0.9497 but with losses tempered by EURCHF demand up to 1.1070.

    The Aussie $ has seen further losses prompted by RBA comments but the Canadian $ remains well supported by firmer oil and ongoing hawkish BOC expectations.

    Don't forget to place your orders to maximize gains/minimize losses with volatility continuing to take markets by surprise.

    Have a great week-end one and all, and good luck to the English Women's cricket team in the World Cup Final on Sunday.

    Interbank Rates 06.20 BST

    GBPUSD 1.2973

    EURUSD 1.1632

    EURGBP 0.8964

    GBPEUR 1.1154

    USDJPY 111.95

    AUDUSD 0.7897

    USDCAD 1.2589

    GBPAUD 1.6426

    GBPCAD 1.6334

    GBPCHF 1.2341

    GBPZAR 16.8981

    GBPHKD 10.0580

    EURHKD 9.0174

    GBPSGD 1.7708

    Read more...

    0 comments

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