• Softer Greenback again as week closes

    Lots of 2-way business again as I warned but we're seeing softer USD sentiment again as we end another week.

    A quick order update now for you as I head out for a 6 hour drive to this wonderful event. https://apollo50.co.uk/whats-on/

    GBPUSD has broken back up through the decent offers at 1.2480 and 1.2500 and that line in the sand at 1.2520-30 helped by the softer dollar/parliament vote to try and avoid no-deal Brexit plus the EURGBP retreat.

    EURGBP retreat finding support so far at 0.8970. GBPJPY sellers remain poised still helped by USDJPY finding sellers again and fragile risk prevailing.

    I remain GBP bearish overall still and will continue to rally-sell as my preferred strategy amid all the uncertainty/indecision including Brexit/political fallout but happy to buy back in the dips as always.

    EURUSD has found expected dip support again around 1.1200 but similarly still finding rally sellers too as we continue to range tightly amid much cross-currency play. USDJPY fell again on the general supply and fragile risk and we've posted lows of 107.22 and I've taken more profit from core shorts and re-sells.USDCHF has also seen dip demand into 0.9800 still capped by EURCHF supply into 1.1100 and the softer USD.

    AUDUSD remains underpinned and now tested those offers at 0.7080. More at 0.7100 then 0.7120.USDCAD remains tightly bound but on the back foot with softer USD sentiment.

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

    Have a good day/weekend out there one and all.

    Twitter: @MSPFX and @MikePatersonFX

    Interbank Rate 06.48 BST

    GBPUSD 1.2529

    EURUSD 1.1257

    EURGBP 0.8984

    GBPEUR 1.1130

    GBPAUD 1.7738

    GBPCAD 1.6341

    GBPJPY 134.86

    GBPZAR 17.3744

    GBPHKD 9.7145

    USDJPY 107.64

    USDZAR 13.8708

    EURJPY 121.16

    EURCHF 1.1074

    EURHKD 8.7288

    AUDUSD 0.7063

    USDCAD 1.3043

    USDCHF 0.9838

    Read more...

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  • US Dollar wobbles while Pound finds support

    Yesterday saw renewed USD supply on reports that US-China trade talks has stalled over the Huawei issue adding fuel to some retreat in equities and bond yields. That sentiment has continued this morning but the jury remains out.

    GBPUSD duly failed at the 1.2380 support and as the day progressed we saw some good two-way business and this morning we've spiked to 1.2473 from 1.2445 on Barnier comments re potential talks on Brexit backstop issue.

    EURGBP also duly failed at 0.9050 and this morning fell to 0.9012 on the general GBP spike. GBPJPY sellers remain poised still as we rally from 133.80 after yesterday's risk-off fall to post 134.39 helped by USDJPY finding support at 107.60.

    I remain GBP bearish overall still and will continue to rally-sell as my preferred strategy amid all the uncertainty/indecision including Brexit/political fallout but happy to buy back in the dips as always.

    EURUSD has found expected dip support again around 1.1200 but similarly still finding rally sellers too as we continue to range tightly amid much cross-currency play. Bids building at 1.1215-25 (decent expiry interest) then 1.1200 still ( more expiries at 1.1190) then the previous line in the sand at 1.1180 with more at 1.1265 then larger again at 1.1280-85 still then 1.1300, 1.13150-20 and 1.1350. Large expiry interest today at 1.1235 might help contain range. I prefer to sell rallies still overall as we continue to broadly range whilst respecting the inherent dip demand.

    USDJPY fell again on the general supply and fragile risk and we've posted lows of 107.61.Bids building at 107.50-60 then 107.30 and 107.00 still. USDCHF has also seen the usual dip demand after failing above 0.9900 but still capped by EURCHF supply into 1.1100.

    AUDUSD remains tightly bound having had a good expiry battle yesterday at 0.7000 with that large interest I mentioned. USDCAD also remains tightly bound.

    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 08.08 BST

    GBPUSD 1.2440

    EURUSD 1.1236

    EURGBP 0.9020

    GBPEUR 1.1084

    GBPAUD 1.7708

    GBPCAD 1.6259

    GBPJPY 134.19

    GBPZAR 17.4411

    GBPHKD 9.6447

    USDJPY 107.74

    USDZAR 13.9893

    EURJPY 121.07

    EURCHF 1.1075

    EURHKD 8.7007

    AUDUSD 0.7032

    USDCAD 1.3056

    USDCHF 0.9857

    Read more...

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  • Sterling still on the slide

    Another day, same soggy Pound amid all the Brexit debacle and political uncertainty. Adding to the uncertain scenario we now have reports that if Boris becomes PM as expected then he will use his first Queen's Speech to shut down Parliament and so prevent MPs from blocking a no-deal Brexit. Summer doldrums may be underway in other currencies but not for the Pound helped lower by the ongoing safe-haven GBPJPY supply plus EURGBP demand. Elsewhere the USD jury remains out as we wait on the US Fed at the end of the month and trading ranges remain tight.

    GBPUSD has fallen further to test 1.2380 this morning after a solid day of falls yesterday despite better UK wages/jobs data. EURGBP testing 0.9050 was also helping to push down Cable but both levels holding for the moment. EURGBP continues to look underpinned with EURUSD still better supported in the dips but the rally has failed at 0.9050 (GBP support 1.1050) and retreating as I type.GBPJPY sellers remain poised still as I've been warning and now broken down through the decent demand at 134.50 to test 134.00 despite USDJPY now finding support above 108.00.

    I remain GBP bearish overall still and will continue to rally-sell as my preferred strategy amid all the uncertainty/indecision including Brexit/political fallout but happy to buy back in the dips as always. UK data risk in the shape of CPI at 08.30 GMT but (same as yesterday) will only provide temporary impact once the algos have done their work.

    EURUSD is finding dip support again but similarly still finding rally sellers too as we continue to range tightly amid much cross-currency play. USDJPY has found support once again amid some general USD demand but fragile risk overall also continue to help cap rallies with Yen buyers still poised.USDCHF has also seen the usual dip demand while capped by EURCHF supply into 1.1100 still.

    AUDUSD remains tightly bound having failed at those good-size offers at 0.7050. with demand building at 0.7000 where we have large option expiry interest today.USDCAD has rallied steadily again amid the general USD demand to post 1.3093 but remains tightly bound.

    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 08.14 BST

    GBPUSD 1.2387

    EURUSD 1.1208

    EURGBP 0.9048

    GBPEUR 1.1054

    GBPAUD 1.7673

    GBPCAD 1.6189

    GBPJPY 134.04

    GBPZAR 17.3220

    GBPHKD 9.6137

    USDJPY 108.21

    USDZAR 13.9730

    EURJPY 121.27

    EURCHF 1.1076

    EURHKD 8.6963

    AUDUSD 0.7011

    USDCAD 1.3067

    USDCHF 0.9881

    Read more...

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  • Pound under pressure again

    Once again we're seeing some pressure on the Pound amid all the Brexit debacle and political uncertainty that I've warned about for a long time now. It seems from the latest Tory leadership rhetoric that a no-deal Brexit is very much the likely outcome on 31 October so add that GBP-bearish factor to renewed safe-haven GBPJPY and GBPCHF supply amid the generally fragile global trade/geopolitical backdrop. Elsewhere the USD jury remains out as we wait on the US Fed at the end of the month.

    GBPUSD has capped at the 1.2520-30 pivot and fallen this morning to take out the decent bids at 1.2480-85 seemingly heading to the 9 July 1.2440 lows. EURGBP up to test the 0.9020 is also helping to push down Cable after continuing to find dip demand as I've been warning, this time into the key 0.8980 area with EURUSD still better supported in the dips. GBPJPY sellers remain poised still as I've been warning and now broken down through the decent demand at 135.00 despite USDJPY finding support once more at 107.80.

    I remain GBP bearish overall still and will continue to rally-sell as my preferred strategy amid all the uncertainty/indecision including Brexit/political fallout but happy to buy back in the dips as always. UK data risk in the shape of wages/jobs at 08.30 GMT but will only provide temporary impact once the algos have done their work so stay poised whatever your bias.

    EURUSD is finding dip support again but similarly still finding rally sellers too as we continue to range tightly amid much cross-currency play such as EURJPY selling versus EURGBP buying. USDJPY has found support once again at the 107.80-85 bids/support but fragile risk overall and generally soft USD tones also continue to help cap rallies with Yen buyers still poised. USDCHF has also found some expected dip demand while capped by general CHF demand/EURCHF supply still.

    AUDUSD remain supported by the generally softer USD/firmer Gold scenario with now some added help from AUDJPY demand after USDJPY held 107.80 again. USDCAD found expected support into 1.3020 and has rallied steadily to post 1.3065 but remains tightly bound with firm oil/ generally softer USD combo keeping rallies capped.

    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 08.23 BST

    GBPUSD 1.2497

    EURUSD 1.1251

    EURGBP 0.9005

    GBPEUR 1.1096

    GBPAUD 1.7763

    GBPCAD 1.6297

    GBPJPY 134.92

    GBPZAR 17.2800

    GBPHKD 9.6889

    USDJPY 108.06

    USDZAR 13.8813

    EURJPY 121.60

    EURCHF 1.1074

    EURHKD 8.7319

    AUDUSD 0.7029

    USDCAD 1.3056

    USDCHF 0.9842

    Read more...

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  • New week. Same fragile risk sentiment and softer US Dollar.

    As markets/traders/bots continue to factor in a July 31 rate cut from the Fed we've seen US equities post record highs but Gold moving higher again and renewed safe-haven JPY,CHF demand amid the uncertainty and on-going fragile global trade/geopolitical backdrop. FX pairs still ranging though overall as the jury remains out.

    GBPUSD had a dip below 1.2520 but rallied again to test the decent sell interest at 1.2585 that I've been highlighting as we continue to trade tightly. EURGBP continues to find dip demand, this time into 0.8955 where I highlighted support on Friday, with EURUSD still better supported in the dips but the rally has failed at 0.8984 so far.GBPJPY sellers remain poised still but equally seeing some decent dip demand again as USDJPY finds support once more at 107.80.

    I remain GBP bearish overall still and will continue to rally-sell as my preferred strategy amid all the uncertainty/indecision including Brexit/political fallout but happy to buy back in the dips as always.

    EURUSD is finding dip support again into 1.1250 but similarly still finding rally sellers around 1.1280-85 while USDJPY has found support again at 107.80 but fragile risk overall and softer USD tones also continue to help cap rallies with Yen buyers still poised. USDCHF has also retreated again but once again found some expected dip demand albeit capped by general CHF demand/EURCHF supply.

    AUDUSD has enjoyed the softer USD/firmer Gold scenario again with further help now from some generally stronger Chinese data as indeed has the NZ$. USDCAD remains tightly bound but on the back foot with firmer oil/softer USD combo keeping rallies capped but finding support at 1.3020 atm.

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

    What an amazing day of sport yesterday. Congrats to both the winners and runners-up across the huge spectacle that was the World Cup cricket final, Men's Wimbledon singles final and the F1 British Grand Prix. Stunning viewing. Obviously I'm biased but well done England for never giving up and inspiring a whole new generation of interest in the wonderful game that is cricket.

    Have a good day/week out there one and all.

    Twitter: @MSPFX and @MikePatersonFX

    Interbank Rate 08.45 BST

    GBPUSD 1.2560

    EURUSD 1.1278

    EURGBP 0.8980

    GBPEUR 1.1135

    GBPAUD 1.7855

    GBPCAD 1.6356

    USDJPY 107.95

    EURJPY 121.74

    EURCHF 1.1089

    GBPJPY 135.53

    AUDUSD 0.7031

    USDCAD 1.3025

    USDCHF 0.9833

    Read more...

    0 comments

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