• Consolidation time again as another week gets underway

    After last week's fun and games we've seen US$ demand generally prevailing but failing to break into new ranges so far.

    GBPUSD has held 1.3200 but couldn't break back above 1.3280-00 and currently in retreat this morning.Immediate support/buying again now into 1.3220 and 1.3200,then 1.3185 and 1.3150-60. Sellers into 1.3280 and 1.3300 then 1.3350 and 1.3380-00. Keep selling those rallies for the moment.

    EURGBP has been down to test 0.872-30 support again (GBPEUR up to 1.1465) only to fail on a rally back into 0.8760 so far. More buyers poised at 0.8700 then 0.8680-05. Sellers still between 0.8750-60 again then 0.8780-00. Overall the Pound remains delicately poised with Brexit and UK government turmoil never far from the headlines.

    EURUSD has consolidated after Thursday's tumble post-ECB but rallies still being sold helped by the general US$ buying. Some dip demand currently around 1.1550 then 1.1530 and 1.1480-00 with barrier option support expected again. Sellers around 1.1600-10 then 1.1630 and 1.1650.

    USDJPY remains underpinned above 110.00 but once again failing to breach 111.00. Buyers now around 110.30 then 110.00 and 109.80 and 109.50. Sellers still between 110.80-00 with large interest also into a barrier option at 111.50. USDCHF also remains underpinned but rallies still failing to break 1.0000 with buying tempered by some EURCHF sell interest once again.

    The Aussie, NZ and Canadian $ have all fallen amid the US$ demand.AUDUSD now has buyers at 0.7420 and 0.7400.Sellers at 0.7460 then 0.7480 and 0.7500. USDCAD buyers now around 1.3160 then 1.3130 and 1.3100. Sellers around 1.3200 then 1.3220 and 1.3250

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

    England kick off their World Cup campaign later today and we wait in high anticipation as ever.

    Have a good week out there one and all.

    Twitter: @MSPFX @MikePatersonFX

    Interbank Rate 08.50 BST

    GBPUSD 1.3235

    EURUSD 1.1583

    EURGBP 0.8752

    GBPEUR 1.1425

    USDJPY 110.51

    USDCAD 1.3184

    USDCHF 0.9973

    GBPAUD 1.7789

    GBPCAD 1.7450

    GBPCHF 1.3200

    GBPZAR 17.8085

    GBPHKD 10.2611

    EURHKD 8.9773

    Read more...

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  • Euro tumbles as ECB disappoints the hawks

    Yesterday the European Central Bank left interest rates on hold as expected but remained very cautious on further tightening despite much conjecture to the contrary prior. Last week I warned during the Euro rally to beware the hype and that we could well see a sell-the-fact retreat come the actual event. Well yesterday we got one, and some.

    EURUSD has fallen fast, triggering many stops along the way once 1.1730 broke, to post lows of 1.1540 helped by some general US$ buying too. Some dip demand down there has seen a small rally into 1.1600 this morning.Buyers now around 1.1550 then 1.1530 and 1.1480-00. Sellers around 1.1600-110 then 1.1630 1.1650 and 1.1675-80.

    EURGBP has been down to test 0.872-30 support (GBPEUR up to 1.1465) and holding there for the moment. More buyers poised at 0.8700 then 0.8680-05. Sellers between 0.8750-60 again then 0.8780-00.

    GBPUSD also fell steadily amid the USD demand to post 1.3250 having tested the 1.3450 resistance line earlier in the morning after strong UK Retail Sales data. We've since had a look at 1.3200 since but back up through 1.3250 as I type.Immediate support/buying now into 1.3220 and 1.3200,then 1.3185 and 1.3150-60. Sellers into 1.3300 then 1.3350 and 1.3380-00. Keep selling those rallies but don't get greedy after such a decent fall.We're still ranging amid all the noise and hype as I keep saying.

    USDJPY has rallied through 110.50 to post 110.91 but gave up battling the decent sell interest up there and been back below 110.50 this morning. Buyers now around 110.30 then 110.00 and 109.80 and 109.50. Sellers still between 110.80-00. USDCHF has also rallied to look at 1.0000 as EURUSD retreated after failing into 0.9900 dips tempered by some EURCHF buy interest now below 1.1600.

    The Aussie, NZ and Canadian $ have all fallen to follow on from my comment yesterday that they were looking a little fragile.AUDUSD now has buyers at 0.7450. 0.7430 and 0.7400.Sellers at 0.7480 0.7500 and 0.7530. USDCAD buyers now around 1.3100 then 1.3060. Sellers around 1.3160 then 1.3180 and 1.3200

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

    World Cup underway and the sun is shining. What's not to like?

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

    Twitter: @MSPFX @MikePatersonFX

    Interbank Rate 08.35 BST

    GBPUSD 1.3251

    EURUSD 1.1588

    EURGBP 0.8745

    GBPEUR 1.1434

    USDJPY 110.49

    USDCAD 1.3134

    USDCHF 0.9968

    GBPAUD 1.7762

    GBPCAD 1.7408

    GBPCHF 1.3213

    GBPZAR 17.7365

    GBPHKD 10.2727

    EURHKD 8.9844

    Read more...

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  • Markets still making their mind up after FOMC raise rates

    The US Federal Reserve FOMC last night lifted the Fed Funds target to 1.75-2.00% and suggested 4 hikes in total for 2018 versus the 3 that markets had mostly factored in. Cue the algo boxes driving the US$ higher in the immediate aftermath but reality check selling has since dominated the landscape. We now wait on the latest announcement from the ECB today.

    GBPUSD fell to 1.3320 after the FOMC from 1.3385 having survived a test of 1.3300 earlier in the day. The 1.3420-30 resistance/sell area I've been highlighting is still intact though as we recover back to 1.3412.Immediate support/buying now into 1.3380,then 1.3350 with larger buy interest between 1.3300-20 still. Sellers between the 1.3420-30 line and then 1.3450 still expected to cap for the moment. More offers between 1.3480-1.3500. Some option contract interest at 1.3400 today should help contain.

    Keep selling those rallies as we continue to range-trade but don't get greedy.We're still ranging amid all the noise and hype as I keep saying.

    EURGBP has been up again to test 0.8820-30 sell interest (GBPEUR down to 1.1340) and looks underpinned generally as we wait on the ECB. Buyers poised at 0.8780-85 still then 0.8750 and 0.8730. Sellers between 0.8820-30 again then 0.8850. Overall the Pound remains fragile still with Brexit never far from the front pages but going nowhere in a real hurry.

    EURUSD has rallied to test the 1.1820-30 sell area since the initial general US$ demand pushed it lower again.Buyers now around 1.1780 then 1.1750 with a line in the sand around 1.1730 still. Sellers still between 1.1820-30 then 1.1850 and 1.1885-00. ECB expected to make a few hawkish noises but no surprises imho.

    USDJPY has fallen back below 110.00 with large option contracts rolling off there today adding so the renewed US$ selling post-FOMC. Buyers now around 109.80 then 109.50, 109.30 and 109.00 still. Sellers at 110.30 then 110.50 and 110.80-00 still. USDCHF has also fallen back after failing into 0.9900 dips tempered by some EURCHF buy interest now below 1.1600.

    The Aussie, NZ and Canadian $ all still ranging but looking a little fragile.AUDUSD has buyers at 0.7530 and 0.7500.Sellers between 0.7580-00 then 0.7630 and 0.7650. USDCAD buyers now around 1.2960 then 1.2920. Sellers around 1.3000 then 1.3030 and 1.3050

    Fickle and fragile markets prevailing behind all the noise and hype so get your orders in to take full advantage of the moves.

    Have a good day out there one and all.

    Twitter: @MSPFX @MikePatersonFX

    Interbank Rate 08.45 BST

    GBPUSD 1.3398

    EURUSD 1.1812

    EURGBP 0.8816

    GBPEUR 1.1341

    USDJPY 109.92

    USDCAD 1.2974

    USDCHF 0.9834

    GBPAUD 1.7723

    GBPCAD 1.7383

    GBPCHF 1.3175

    GBPZAR 17.7103

    GBPHKD 10.3874

    EURHKD 9.1568

    Read more...

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  • US Dollar in demand as we wait on the FOMC

    The US Federal Reserve FOMC announce their latest interest rate decision later today and we've seen some US$ demand on the run-in.

    GBPUSD yesterday fell to once again test the 1.3350 support area I've highlighted a few times lately. The aversion of a Brexit Withdrawal Bill revolt saw a sharp rally back above 1.3400 but the 1.3420-30 area that I've also highlighted once again proved a sticking point and down we went again to now post fresh lows of 1.3310 this morning after some fairly neutral UK inflation data.Immediate support/buying now into 1.3300,then 1.3280 and the larger 1.3240-50 line in the sand. Sellers around 1.3350, then 1.3380-00 with the 1.3420-30 line and then 1.3450 still expected to cap for the moment.

    Keep selling those rallies as we continue to range-trade but don't get greedy.

    EURGBP has been up again to test 0.8820 sell interest (GBPEUR down to 1.1340) after holding 0.8780. Buyers poised there still then 0.8750 and 0.8730 still. Sellers between 0.8820-30 again then 0.8850. Overall the Pound remains a little fragile but going nowhere in a real hurry.

    EURUSD has fallen to test 1.1730 support amid the general US$ demand.Buyers between 1.1720-30 still with more interest into 1.1700-05 where we have large option contract interest rolling off today. Sellers now between 1.1780-00 and larger still poised into 1.1830 then 1,1850.

    USDJPY has broken 110.50 and been up to test the 110.80 resistance/sell area. Buyers now around 110.50 then 110.30 and 110.00. Sellers between 110.80-00 still then 111.20 and 111.50. USDCHF has also rallied to test 0.9900 but rally tempered by some

    EURCHF sell interest between 1.1620-30 and 1.1650.

    The Aussie, NZ and Canadian $ have all found sellers again as the US% currently holds the best-of-a-very-average-bunch title.AUDUSD has buyers at 0.7550 still then 0.7530 and 0.7500.Sellers between 0.7680-00 then 0.7630 and 0.7650. USDCAD buyers now around 1.3000 then 1.2960 and 1.2920. Sellers around 1.3050 then 1.3075 and 1.310.

    Fickle and fragile markets prevailing behind all the noise and hype so get your orders in to take full advantage of the moves.

    Have a good day out there one and all.

    Twitter: @MSPFX @MikePatersonFX

    Interbank Rate 09.35 BST

    GBPUSD 1.3326

    EURUSD 1.1736

    EURGBP 0.8814

    GBPEUR 1.1344

    USDJPY 110.67

    USDCAD 1.3043

    USDCHF 0.9893

    GBPAUD 1.7612

    GBPCAD 1.7378

    GBPCHF 1.3182

    GBPZAR 17.8040

    GBPHKD 10.3308

    EURHKD 9.1070

    Read more...

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  • Pound wobbles again with FX markets still in skittish mood

    The busy week forecast is living up to its billing so far with FX markets showing ongoing fragility albeit in tight ranges still.

    Trump/Kim talks have concluded amid much hype but the reality/impact is yet to be fully evaluated. Attention now turns to a raft of economic data and the US Fed/ECB latest decisions tomorrow/Thursday.

    GBPUSD yesterday fell on weak industrial production and trade balance data to test the 1.3350 support area I've highlighted a few times lately. 1.3400 proved a sticking point on the rally and down we went again to post fresh lows of 1.3342. Currently back up to 1.3415 helped by some GBPJPY buying interest as risk-on sentiment returns after the Trump/Kim declarations.Immediate support/buying now into 1.3380, then the 1.3340-50 line that's been holding. UK jobs/wages data just out show little change of note and the Pound has responded accordingly.Brexit never far from the headlines and the Withdrawal Bill debate/vote today and tomorrow presents the next risk.

    Keep selling those rallies for the moment but respecting the dip demand too as I've been mentioning as we continue to range-trade so don't get greedy. Traders buying the GBP dips currently seeing some value too of course therefore.

    EURGBP has been up to test the 0.8830 sell interest (GBPEUR down to 1.1320) a couple of times as the Pound wobbled and on general EUR demand. Buyers poised into 0.8780 then 0.8750 and 0.8730 still. Sellers between 0.8820-30 again then 0.8850. Overall the Pound is a little fragile but contained for the moment.

    EURUSD has rallied again to post 1.1810 with help again from EURJPY,EURCHF and the EURGBP demand.Buyers now into 1.1750 and 1.1730 with more interest into 1.1700. Sellers still poised around 1.1830, 1,1850 and 1.1880-00.

    USDJPY has been up to test the 110.50 resistance/sell area on the better risk sentiment/Yen selling. Buyers still into 109.80 then 109.50. Sellers around 110.50 still then 110.80-00. USDCHF has been contained as safe-haven plays fade and helped by EURCHF climbing back up to 1.1658

    The Aussie, NZ and Canadian $ have all found a bit of dip demand again as the jury still remains out on commodity prices.AUDUSD has buyers at 0.7580 still as I've been higlighting and that level has held again. More buyers into 0.7550 then 0.7530.Sellers at 0.7630 and 0.7650 still. USDCAD buyers now around 1.2960 then 1.2920. Sellers around 1.3030 then 1.3050 still.

    Fickle and fragile markets prevailing behind all the noise and hype so get your orders in to take full advantage of the moves.

    Have a good day out there one and all.

    Twitter: @MSPFX @MikePatersonFX

    Interbank Rate 08.50 BST

    GBPUSD 1.3411

    EURUSD 1.1800

    EURGBP 0.8799

    GBPEUR 1.1363

    USDJPY 110.31

    USDCAD 1.2991

    USDCHF 0.9840

    GBPAUD 1.7604

    GBPCAD 1.7421

    GBPCHF 1.3197

    GBPZAR 17.6416

    GBPHKD 10.3975

    EURHKD 9.1495

    Read more...

    0 comments

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