• Euro strength notable amid mixed markets still

    Risk sentiment continues to be fragile but variable and FX price action ever-fickle with the latest move of note being some Euro demand/short-covering as we head into the EU Summit on 17/18 July.

    Yesterday saw EUR pairs breaking higher across the board, triggering stop-losses along the way given the recent moves low and forcing shorts to cover some exposure. Large EURUSD expiries today above 1.1300 also in play. EURGBP duly found some dip demand and rallied to 0.9055 helping to push GBPUSD lower with the latest UK GDP data released earlier this morning only adding to the pressure.

    GBPUSD has so far found support into 1.2500 after its retreat from 1.2650 and holding steady around 1.2525 s I type.EURGBP broke up through the 0.8985-00 sell interest triggering stops through the 0.9000-10 pivot area as the Euro demand gathered momentum to post highs of 0.9070 this morning and is still underpinned as I type. Some sell interest into 0.9200 again but support building at 0.9020-30. GBPJPY failed this time at 135.40 and we've back down to look at 134.20 so far amid some softer risk plays and general GBP supply.

    I stay poised to sell GBP rallies overall as my preferred side and buy back in the dips as ever but patience continues to be a virtue and entry level key as always. I still expect to continue seeing some dip demand but cross-flows, risk sentiment and Brexit will continue to see a mixed bag as we've been witnessing.

    USDJPY held above 107.00 on some further USD demand and better risk but Yen buyers on softer-risk this morning still tempering rallies above 107.30.EURJPY found support at 121.00 and enjoyed the Euro demand ride higher but capped into 122.00 as EURUSD found some rally supply eventually and softer risk tones returned. EURUSD enjoyed the Euro-positive ride higher triggering stops along the way before running out of steam into 1.1380 but the pair remains underpinned into 1.1320 for the moment where we have large expiries today. USDCHF failed at 0.9440 and fell to test 0.9400 as EURUSD rallied but EURCHF demand tempered further losses and with the SNB ever vigilant in the dips.

    AUDUSD still ranging amid the latest COVID resurgence in Melbourne and the threat of Chinese economic retaliation ever lurking but finding dip demand again round 0.6930 after another failed attempt on 0.7000. USDCAD has rallied on a firmer USD/softer oil price combo to break above 1.3620 but capping at 1.3650 so far.

    Trading ranges may be tight and marklets ever-fickle but good two-way pips to be had so don't forget to contact me if there's areas of trading these markets or how to make best use of the order boards and expiries, that you might need some further help with.

    Let's continue to be careful out there in all things. Staying safe must be our main priority still.

    Twitter: @MSPFX and @MikePatersonFX

    Interbank rates: 08.45 BST

    GBPUSD 1.2520

    EURUSD 1.1335

    EURGBP 0.9050

    GBPEUR 1.1046

    GBPAUD 1.8056

    GBPCAD 1.7070

    GBPJPY 134.34

    GBPZAR 21.0745

    GBPHKD 9.7068

    USDJPY 107.27

    USDZAR 16.8335

    EURJPY 121.62

    EURCHF 1.0661

    EURHKD 8.7876

    AUDUSD 0.6937

    USDCAD 1.3630

    USDCHF 0.9405

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  • FX pairs ranging still amid variable risk plays

    Markets ever fickle anbd fragile as we start another week with COVID and US-CHina tsnsions still to the fore but risk sentiment still variable/steady overall so we can still expect FX pairs to see some good two-way business.

    GBPUSD found support into 1.2580 but equally sellers above 1.2665 again as the recent range continues to play out.EURGBP remains tightly bound but posted new recent lows of 0.8938 on Friday before rebounding to 0.8970 as GBP retreats this morning. Good demand now at 0.8945-50 again then 0.8925-30 still but sellers poised between 0.8985-and 0.9000.GBPJPY enjoyed another run up to test 135.60 but failed this time at 135.40 and we've back down to look at 135.00 so far amid some slightly softer risk plays.

    I stay poised to sell GBP rallies overall as my preferred side and buy back in the dips as ever but patience continues to be a virtue and entry level key as always. I still expect to continue seeing some dip demand but cross-flows, risk sentiment and Brexit will continue to see a mixed bag as we've been witnessing.

    USDJPY found support into 106.60 and now popping above 107.00 on some general USD demand as Europe gets underway but Yen sellers still tempering rallies.EURJPY similarly found support at 120.40 but capping around 121.20 so far amid the variable risk. EURUSD is ranging too after holding 1.1275 this time around but equally finding sellers above 1.1300 and re-sells duly placed from Friday's buy-backs. Rinse n repeat. USDCHF has held 0.9380 and now looking to test 0.9420 again as EURUSD retreats and EURCHF finds the usual dip demand but sellers at 0.9430 still lurking. The SNB will be ever vigilant in the dips still though.

    AUDUSD also ranging tightly between 0.6935-85 amid the latest COVID resurgence in Melbourne and the threat of Chinese economic retaliation ever lurking but still finding some dip demand to match the sell interest.USDCAD also trading tightly still after failing above 1.3620 again amid the variable oil price and risk plays but holding 1.3560 as I type .

    I wish you good trading and let's continue to be careful out there in all things. Staying safe must be our main priority still.

    Twitter: @MSPFX and @MikePatersonFX

    Interbank rates: 08.50 BST

    GBPUSD 1.2620

    EURUSD 1.1311

    EURGBP 0.8965

    GBPEUR 1.1153

    GBPAUD 1.8110

    GBPCAD 1.7124

    GBPJPY 135.04

    GBPZAR 21.1455

    GBPHKD 9.7846

    USDJPY 107.03

    USDZAR 16.7722

    EURJPY 121.06

    EURCHF 1.0646

    EURHKD 8.7727

    AUDUSD 0.6967

    USDCAD 1.3570

    USDCHF 0.9411

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  • Softer risk tones amid increasing COVID concerns

    I've been warning all week that we live in fragile risk times overall with COVID-19 resurgence seemingly being ignored but as another week closes we've seen some risk-off plays dominate again.

    Markets ever fickle though so we can still expect FX pairs to see some good two-way business so don't get too greedy on winning positions as I always say. European equities moving a tad higher again as I finish my report as if to prove the point.

    GBPUSD yesterday had one final push into 1.2680 where there was also a strong technical line lurking along with some decent sell interest. Re-sells eventually placed at 1.2650-60 after the final failure and not wanting to rush in as per my tweet.We've since retreated to post 1.2567 amid the softer risk tones.EURGBP has been tightly bound since testing 0.8950 as core pairs rally and retreat in sync amid the variable risk/USD tones. Good demand now at 0.8945-50 and 0.8925-30 still but sellers poised at 0.8985 and 0.9000.GBPJPY enjoyed a final run up to test 135.60 but since retreated yet again amid the generally softer risk sentiment and rally sellers in core pairs too break down through 135.00 and 134.80 triggering stops.

    I stay poised to sell GBP rallies overall as my preferred side and buy back in the dips as ever but patience continues to be a virtue and entry level key as always. I still expect to continue seeing some dip demand but cross-flows, risk sentiment and Brexit will continue to see a mixed bag as we've been witnessing.

    USDJPY has now finally given up on 107.00 on the softer risk tones/Yen demand but holding the next line at 106.75-80 for the moment. EURJPY capped at 121.80 with core pairs both finding rally sellers amid the softer risk and since retreated to test decent bids at 120.25-30. EURUSD duly failed at 1.1360 where we had some decent size option expiries providing a cap as per my tweets. Re-sells duly placed again and the impact of cross-flows and expiries clearly evident again with EURGBP and EURJPY sales helping to push it lower again which has now seen a move below 1.1260 earlier before finding some demand again as I type.

    USDCHF has enjoyed another move above 0.9420 as EURUSD retreated and EURCHF finds the usual dip demand but sellers at 0.9430 prevailing for the moment as EURUSD moves up from 1.1255. The SNB will be ever vigilant in the dips.

    AUDUSD has had a further move lower to 0.6924 amid the latest COVID resurgence in Melbourne and the threat of China economic retaliation ever lurking but still finding some dip demand. USDCAD duly found support at 1.3500 where we had 800m expiries yesterday, a decent chunk in this pair as per my tweet. Softer oil price and some risk-off CADJPY selling has seen 1.3630 since but falling back as I type amid a small risk/oil rally.

    Lots going on right now, and the foreseeable future, so don't forget to contact me if there's areas of trading these volatile markets or how to make best use of the order boards and expiries, that you might need some further help with.

    I wish you good trading and let's continue to be careful out there in all things. Staying safe must be our main priority still. Enjoy some rest over the weekend.

    Twitter: @MSPFX and @MikePatersonFX

    Interbank rates: 08.18 BST

    GBPUSD 1.2585

    EURUSD 1.1287

    EURGBP 0.8967

    GBPEUR 1.1155

    GBPAUD 1.8139

    GBPCAD 1.7136

    GBPJPY 134.49

    GBPZAR 21.2514

    GBPHKD 9.7517

    USDJPY 106.83

    USDZAR 16.8779

    EURJPY 120.48

    EURCHF 1.0625

    EURHKD 8.7420

    AUDUSD 0.6940

    USDCAD 1.3610

    USDCHF 0.9421

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  • Softer Greenback amid variable risk tones

    COVID-19 continues to dominate the landscape understandably but as investors take a more optimistic view still it's the US Dollar that's been bearing the brunt of the latest action and lower across the board.

    Markets ever fickle though so FX pairs still seeing some good two-way business.

    GBPUSD tested 1.2500 yesterday morning but from there it was one-way traffic mnostly once we got back through 1.12560 and since tested 1.2650. EURGBP rallied back up through 0.9000 but failed at 0.9010 as the Pound's rally gathered pace and we've been back to test the 0.8960 support line again this morning and that latest retreat is helping to underpin GBPUSD again. Good demand at 0.8960 and 0.8925-30 still but a line forming on top at 0.9000.GBPJPY has enjoyed a further run up to 135.70 amid the generally firmer risk sentiment and GBP demand.

    I stay poised to sell GBP rallies overall as my preferred side and buy back in the dips as ever but patience continues to be a virtue and entry level key as always. I still expect to continue seeing some dip demand but cross-flows and Brexit will continue to see a mixed bag as we've been witnessing lately.

    USDJPY has given up 107.30 to post 107.18 on the softer USD tones generally after pinning itself to 107.50 yesterday amid large option expiries. Yen selling helping to counter the retreat though.EURJPY once again found a base at 121.20 but capped at 122.00 with core pairs both finding rally sellers.

    EURUSD enjoyed the better risk/softer USD tones to rally up through 1.1300 then 1.1320 (which looks a little pivotal now) but failed at 1.1371 amid large expiries today between 1.1360-80 that I warned about in a tweet yesterday and now down to 1.1325. USDCHF failed above 0.9420 this time around and testing 0.9360 this morning amid the general USD supply plus some EURCHF selling too. The SNB will be ever vigilant in the dips.

    AUDUSD has had a look at 0.7000 again this morning amid the softer Greenback and re-sells duly placed but looking underpinned between 0.6950-70.USDCAD failed into 1.3620 again and now testing 1.3500 amid the firmer oil/softer USD combo.

    Lots going on right now, and the foreseeable future, so don't forget to contact me if there's areas of trading these volatile markets or how to make best use of the order boards and option expiries, that you might need some further help with.

    I wish you good trading and let's continue to be careful out there in all things. Staying safe must be our main priority still.

    Twitter: @MSPFX and @MikePatersonFX

    Interbank rates: 08.45 BST

    GBPUSD 1.2634

    EURUSD 1.1336

    EURGBP 0.8975

    GBPEUR 1.1143

    GBPAUD 1.8077

    GBPCAD 1.7056

    GBPJPY 135.48

    GBPZAR 21.2791

    GBPHKD 9.7951

    USDJPY 107.25

    USDZAR 16.8486

    EURJPY 121.61

    EURCHF 1.0627

    EURHKD 8.7904

    AUDUSD 0.6991

    USDCAD 1.3498

    USDCHF 0.9372

    Read more...

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  • Perky Pound amid steady risk mood again

    The happy-clappy brigade are prevailing overall with Chinese equity markets still leading the way, even though US markets turned lower into the close, and the Pound has felt some love on hopes of positive Brexit talks and fresh economic impetus to be announced by Fin Min Sunak later today after PMQs end around 11.45 GMT.

    All still very fragile out there though as COVID 19 resurgence fears remain a real threat and the Greenback continues to be a mixed bag. Gold on the other hand is proving ever popular and trading at 9 year highs.

    GBPUSD tested larger tested large sell interest at 1.2520-30 for a while before then kicking higher through 1.2550-60 to test supply at 1.2580 then 1.2600 as EURGBP finally fell through 0.9000 and kept on going but some reversal then seen on both. Support coming in now at 1.2530 understandably given the level of resistance there orginally.EURGBP gave up recent gains, and some, amid the GBP demand and with EURUSD really not liking it above 1.1300. The base at 0.9030 gave way then the larger support at 0.9000 and triggered stops down through 0.8980 but held the 0.8960 support line.GBPJPY has enjoyed a run up to 135.40 amid the generally firmer risk sentiment and other GBP demand.

    I stay poised to sell GBP rallies overall as my preferred side and buy back in the dips as ever but patience continues to be a virtue and entry level key as always. I still expect to continue seeing some dip demand but cross-flows and Brexit will produce a mixed bag moving forward.

    USDJPY remains tightly bound still supported by the better risk sentiment but Yen buyers stay poised amid fragile conditions overall and USD uncertainty. Also adding to the tight range are large option expiries between 107.45-55 today. EURJPY is testing the base at 121.20-30 as I type after capping at 121.70 with core pairs both finding rally sellers showing just how fragile the sentiment is out there.

    EURUSD failed above 1.1300 again but holding 1.1260 as we continue to range trade with the impact of cross-flows and expiries clearly evident again. USDCHF rallied to test 0.9450 offers/res but retreating to test 0.9400 now as I type as EURUSD heads higher but with the SNB ever vigilant in the dips. EURCHF remains tightly bound between 1.0610-60.

    AUDUSD enjoyed the firmer risk sentiment for most of yesterday and saw a run up to 0.6975-80 where we have large expiries today but duly failed and now testing support around 0.6930. USDCAD held 1.3560 then 1.3580 but failed above 1.3620 on its latest rally amid the variable oil/risk/ USD combos.

    Lots going on right now, and the foreseeable future, so don't forget to contact me if there's areas of trading these volatile markets or how to make best use of the order boards and expiries, that you might need some further help with.

    Let's continue to be careful out there in all things. Staying safe must be our main priority still.

    Twitter: @MSPFX and @MikePatersonFX

    Interbank rates: 07.45 BST

    GBPUSD 1.2556

    EURUSD 1.1276

    EURGBP 0.8980

    GBPEUR 1.1134

    GBPAUD 1.8097

    GBPCAD 1.7085

    GBPJPY 135.00

    GBPZAR 21.3908

    GBPHKD 9.7347

    USDJPY 107.53

    USDZAR 17.0460

    EURJPY 121.24

    EURCHF 1.0626

    EURHKD 8.7432

    AUDUSD 0.6936

    USDCAD 1.3609

    USDCHF 0.9425

    Read more...

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