• US Dollar softer as another week closes

    All the usual fragile global conditions prevailing as we head into the week-end (hurrah for that!) and widespread expectation that UK PM May will announce her departure date to be 10 June.

    GBPUSD held 1.2600 and has made steady progress back up to 1.2688 helped by GBBJPY holding 138.50 and EURGBP sellers into 0.8850 before failing but trading tightly still. GBPJPY held 138.50 but still remains on the back foot with USDJPY also in retreat yet again .

    I remain GBP bearish overall and continue to rally-sell as my preferred strategy and buy back in the dips amid all the uncertainty/indecision including Brexit. No change to this view for the foreseeable future. Dip buyers will still expect to find better value for money the lower we head but that's still not happening in any big fashion at the moment.

    EURUSD held 1.1100 with the barrier option interest prevailing then took the fast ride to the 1.1150 expiries just before the 14.00 GMT cut-off which I warned might prove magnetic and duly did and I tweeted on it. USDJPY has retreated again amid the risk-off sentiment and general USD weakness. Definitely still a case of rinse and repeat but still not going too far in a hurry.

    USDCHF has fallen as EURUSD rallies and EURCHF breaks down through 1.1230 with the SNB watching closely but seemingly not getting too involved for the moment. Beware though as always.

    AUDUSD has been holding its own again but going nowhere in a hurry as sellers match buyers and the jury remains out as to how much the expected RBA June rate cut is factored amid the US-China trade talks too. Large option expiries today at 0.6900 will help contain range further.

    USDCAD failed around 1.3500 again and since falling back amid the the USD supply again albeit tempered by softer oil price too.

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

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

    Twitter: @MSPFX and @MikePatersonFX

    Interbank Rate 08.30 BST

    GBPUSD 1.2679

    EURUSD 1.1188

    EURGBP 0.8824

    GBPEUR 1.1331

    GBPAUD 1.8374

    GBPCAD 1.7060

    GBPZAR 18.2887

    GBPHKD 9.8308

    USDJPY 109.53

    USDZAR 14.4200

    EURJPY 122.67

    EURCHF 1.1214

    EURHKD 8.6760

    GBPJPY 138.97

    AUDUSD 0.6901

    EURCHF 1.1240

    USDCAD 1.3441

    USDCHF 1.0022

    Read more...

    0 comments

  • Pound under pressure still and risk-off returns

    Firstly my apologies for late arrival of this but I've been out at an early client meeting.

    Anyhow we've not exactly seen any great surprises and with May under pressure and another leading government resignation my GBP rally-sell strategy continues to work well.I've warned for a long time that the political fallout will cause problems for the UK and GBP regardless of Brexit outcome and I stand by that still. Elsewhere it's risk-off again with equities and commodities on the back foot and my banging on about fragile conditions continues to have substance.

    GBPUSD has now posted fresh lows of 1.2605 as the reality check continues with EURGBP still underpinned and GBPJPY/GBPCHF selling adding to the supply.EURGBP buyers still holding sway and we've rallied to new recent highs but running into sellers ahead of 0.8850 sell interest (GBPEUR buyers 1.1300) as EURUSD also retreats down to test 1.1130 with EURJPY and EURCHF selling back making an impact. GBPJPY also on the retreat again helped by USDJPY selling and the Yen demand.

    I remain GBP bearish overall and continue to rally-sell as my preferred strategy and buy back in the dips amid all the uncertainty/indecision including Brexit. No change to this view for the foreseeable future. Dip buyers will still expect to find better value for money the lower we head but that's still not happening at the moment.

    EURUSD failed again at the 1.1180 sell interest and option expiries I warned you about and we've now been down to test 1.1130 as we head into the EU parliamentary elections today and protest votes expected all over the EU not least of which the UK which bizarrely still finds itself having to take part.

    USDJPY has retreated again amid the risk-off sentiment. Definitely still a case of rinse and repeat but still not going too far in a hurry. USDCHF remains tightly bound amid the risk uncertainty with the SNB watching closely still as EURCHF falls to test 1.1230 support.

    AUDUSD has been holding its own amid the variables and the 0.6850 option interest ( more there tomorrow) still in play while USDCAD has bounced yet again in its current range-trading mode with some CADJPY selling notable and oil price falling again to undermine the Loonie once more.

    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 09.27 BST

    GBPUSD 1.2615

    EURUSD 1.1138

    EURGBP 0.8828

    GBPEUR 1.1327

    GBPAUD 1.8360

    GBPCAD 1.6982

    USDJPY 110.91

    USDZAR 14.4690

    EURJPY 122.67

    GBPJPY 138.97

    GBPZAR 18.2800

    GBPHKD 9.7804

    AUDUSD 0.6873

    EURCHF 1.1240

    EURHKD 8.6346

    USDCAD 1.3461

    USDCHF 1.0089

    Read more...

    0 comments

  • Pound in a spin over Brexit

    No surprises in the headline as May flounders yet again over her desperate attempts to get her Withdrawal Agreement through Parliament.

    Yesterday I warned " May's "revised" Withdrawal Agreement appears doomed once again (ever thus imho) as Labour reportedly says it will vote against and she's unable to placate her own party even with an offer to throw herself on her sword".

    Talk yesterday of offering a second referendum sent the Pound rapidly higher only for the reality check of wide-spread rejection of WA sending it tumbling once again. Further talk now that Tory rebels will work hard to get May out before she even gets chance to offer up her WA and with it any chance of a second referendum. Today's UK CPI data in the frame at 08.30 GMT but not of any real significance given everything going on.Elsewhere the US-China trade talks spat ambles on with no sign of any resolution just yet.

    GBPUSD has now posted fresh lows of 1.2662 not seen since January helped by the renewed Pound selling seen in Asia/early European trading after the spike to 1.2814 as the reality check continues with EURGBP rallying back further to 0.8810 (GBPEUR down to 1.1350) after EURGBP buyers around 0.8730 (GBPEUR sellers 1.1455) helped hold yesterday's rapid move.

    GBPJPY saw a sharp spike to 141.60 on the general Pound demand and helped by some general USD demand which had seen USDJPY nudge up through 110.30 but has fallen again back to where it started around 139.70 with that dip demand at 139.50 seemingly in play again.

    I remain GBP bearish overall and continue to rally-sell as my preferred strategy and buy back in the dips amid all the uncertainty/indecision including Brexit. No change to this view for the foreseeable future. Dip buyers will still expect to find better value for money the lower we head but that's not happening at the moment.

    Meanwhile EURUSD continues to find itself tightly bound as we head into the EU parliamentary elections tomorrow while USDJPY finally broke through the 110.30 offers on a general USD demand/better risk sentiment combo but has failed above 110.60. Definitely still a case of rinse and repeat I think, just at slightly higher levels than at the beginning of the week. USDCHF remains tightly bound amid the risk uncertainty with EURCHF holding 1.1260 and the SNB watching closely still.

    AUDUSD has paused for breath after its post-election run-around while USDCAD has slid back with some CADJPY buying notable and oil price underpinned still albeit of its highs.

    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 08.30

    GBPUSD 1.2667

    EURUSD 1.1151

    EURGBP 0.8805

    GBPEUR 1.1355

    GBPAUD 1.8407

    GBPCAD 1.6975

    USDJPY 110.39

    USDZAR 14.3493

    EURJPY 123.10

    GBPJPY 139.77

    GBPZAR 18.2012

    GBPHKD 9.8207

    AUDUSD 0.6879

    EURCHF 1.1279

    EURHKD 8.6488

    USDCAD 1.3405

    USDCHF 1.0114

    Read more...

    0 comments

  • All very fragile still

    Yesterday's glimpse of risk-on sentiment was once again quickly replaced by risk-off as the fragile global conditions gave markets the jitters once more. The Pound has hit further lows as the Brexit fallout continues while the Aussie Dollar duly retraced its post-election gains helped by expected dovish tones from the RBA. A little bit of USD demand notable but in essence it's back to risk-off Yen and Swiss Franc demand helping to cap core pairs.

    GBPUSD has now posted fresh lows of 1.2688 not seen since January helped by the renewed GBPJPY and GBPCHF supply along with EURGBP rallying back to 0.8788 after holding 0.8750. May's "revised" Withdrawal Agreement appears doomed once again (ever thus imho) as Labour reportedly says it will vote against and she's unable to placate her own party even with an offer to throw herself on her sword.

    EURGBP buyers around 0.8750 (GBPEUR sellers at 1.1430) are prevailing still as I warned yesterday.GBPJPY has fallen again on the softer risk/GBP combo and now looking to test support at 139.50 again as USDJPY makes its mind up around 110.00 still.

    I remain GBP bearish overall and continue to rally-sell as my preferred strategy and buy back in the dips amid all the uncertainty/indecision including Brexit. No change to this view for the foreseeable future. Rallies are getting weaker but provide good opportunity for sellers still as long as you're not looking for too much.

    Meanwhile EURUSD continues to find itself on the back foot as we head into the EU parliamentary elections this Thursday helped by the EURJPY and EURCHF selling which is just outweighing the EURGBP demand. USDJPY duly failed around the 110.30 sell interest again that I've mentioned recently but equally found support from the 109.80 buyers. Definitely still a case of rinse and repeat.

    USDCHF remains tightly bound amid the risk uncertainty with EURCHF falling back and the SNB watching closely still. EURCHF bids now between 1.1250-60 then 1.1230 and 1.1200 with offers at 1.1300 and 1.1330 then 1.1360, 1.1380 and 1.1400 still. Immediate USDCHF bids at 1.0080 again then larger between 1.0050-60, 1.0030 and 1.0000 with sellers still between 1.0120-30, 1.0150,1.0180 and 1.0200. I continue to play both sides in these current ranges.Good two-way pips to be had with a dip-buy preference.

    I warned yesterday that the AUD jury remains out in that post-election rally and duly failed once again at the 0.6935 sell interest to fill the gap down to 0.6870 as Lowe and the RBA Minutes hint at a June rate cut. Not exactly a surprise but a timely reminder that despite the existing government being returned the same domestic problems remain as well as the US-China trade concerns/expected RBA rate cut scenario.

    USDCAD continues to make its mind up amid generally better bid tones to USD and oil price. Price centred around 1.3450 along with large option expiry interest there today.

    Sad news today that Formula 1 legend Niki Lauda has passed away aged just 70. RIP Niki and thanks for some great memories and inspiration.

    Twitter: @MSPFX and @MikePatersonFX

    Interbank Rate 08.28

    GBPUSD 1.2694

    EURUSD 1.1151

    EURGBP 0.8783

    GBPEUR 1.1383

    GBPAUD 1.8464

    GBPCAD 1.7045

    USDJPY 110.11

    USDZAR 14.4502

    EURJPY 122.78

    EURHKD 8.6459

    GBPJPY 139.78

    GBPZAR 18.3386

    GBPHKD 9.8417

    AUDUSD 0.6875

    EURCHF 1.1266

    USDCAD 1.3426

    USDCHF 1.0103

    Read more...

    0 comments

  • Mixed bag out there as another week gets underway

    A little bit of better risk-sentiment in Asia/early-European trading but the jury's still out as we start another week in the wonderfully fickle world of FX. Trump's been sounding off against Iran and US-China trade talks continue, Japan published trade data in which imports decreased significantly and Australia voted it's existing government back in contrary to poll expectations (nothing new there then) but it's unconfirmed as yet whether they will have an outright majority but one expected.Meanwhile Brexit talks/headlines will continue this week, all adding to the algo-feeding fads we've been seeing in recent weeks/months

    GBPUSD retreated further to post fresh lows of 1.2714 but now rallying a little helped by some GBPJPY and GBPCHF demand as risk-on sentiment mostly prevails at the moment, with EURGBP slipping back from 0.8776 (GBPEUR up from 1.1395) .EURGBP rally-sellers have been prevailing but similarly finding buyers around 0.8750 (GBPEUR sellers 1.1430) for the moment.GBPJPY found some decent dip demand at 139.50 and has since rallied on the risk-on/USDJPY rally combo with the latter breaking back up above 110.00 and holding so far.

    I remain GBP bearish overall and continue to rally-sell as my preferred strategy and buy back in the dips amid all the uncertainty/indecision including Brexit. No change to this view but a little caution advised after last week's extensive moves as I advised/warned on Friday.

    Meanwhile EURUSD continues to find itself tightly bound amid all the EUR/cross activity and as we head into the EU parliamentary elections this Thursday while USDJPY has made some solid gains from 109.50 helped by a little better risk sentiment to clear out the 110.00 offers but has failed around the 110.30 resistance. USDCHF remains tightly bound amid the risk uncertainty with EURCHF also clinging to recent lows with the SNB watching closely still.

    AUDUSD has rallied well on the election result with PM Morrison being returned but jury remains out still on further gains amid the US-China trade concerns/expected RBA rate cut scenario but currently finding some demand between 0.6900-10.

    USDCAD had a brief look above 1.3500 on Friday but capped by some option expiry supply there as per my tweet along with those decent offers at 1.3520 before heading lower in Asia after week-end news from OPEC gave oil prices a shove higher again thus helping to strengthen the oil-exporting Canadian$.

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

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

    Twitter: @MSPFX and @MikePatersonFX

    Interbank Rate 08.30

    GBPUSD 1.2748

    EURUSD 1.1160

    EURGBP 0.8752

    GBPEUR 1.1425

    GBPAUD 1.8402

    GBPCAD 1.7124

    GBPZAR 18.3422

    GBPHKD 9.8835

    USDJPY 110.11

    USDZAR 14.3902

    EURJPY 122.92

    EURHKD 8.6508

    GBPJPY 140.43

    AUDUSD 0.6930

    EURCHF 1.1275

    USDCAD 1.3428

    USDCHF 1.0100

    Read more...

    0 comments

social_rss_box_orange
official partner advert

Proud supporter of

tel
emailsymbol

Call us today: +44 (0) 1732 700 383

Email : info@mspfx.co.uk

Bringing You The Best Value Currency Deals

Raising the Standard in Foreign Currency Exchange & International Money Transfers

Office hours : Monday to Friday - 8am till 6pm

The MSP Update

Photo crop (passport)

Welcome to my blog

Daily market commentary from
Mike Paterson

The MSP Update is an essential tool for personal and business clients who want to be kept informed on a daily basis. If you would like to discuss your requirements then give us a call and talk to one our experienced team..

Call today +44 (0) 1732 700 383

Find out how much you could save today

Don’t let the banks or your existing foreign currency broker cash in with poor exchange rates and extortionate fees, Whether you are making a small or large, one-off or regular money transfer , MSP FX will offer the best rates for your individual foreign currency requirements and assist you in transacting at the most opportune moment possible given your timeframe. MSP Foreign Exchange Services offers complete security of funds by executing trades only through preferred FSA and HMRC regulated providers. For more information call us today and find out how MSP FX can help you.

Euros-1024x683
003-paradise-island-x

You are viewing the text version of this site.

To view the full version please install the Adobe Flash Player and ensure your web browser has JavaScript enabled.

Need help? check the requirements page.


Get Flash Player