• Pound in focus still as Brexit hogs the headlines

    It's all about Brexit as far as market headlines are concerned at the moment but the amount of hot air being uttered could launch a fleet of very large balloons. Key moments unfolding but as yet we're really none the wiser as to the outcome.

    GBPUSD had fallen to 1.2827 and was heading back up but stalling at 1.2880 when some positive headlines had the algos sending the pair sharply higher to post 1.2936 before falling back to 1.2840. Buyers were poised again though and currently back up to 1.2903 as I type as we wait on more headlines but hopefully less hot air. Immediate offers now around 1.2920 then 1.2940-50 and the pivotal 1.2980-00 area with more sellers poised behind that between 1.3030-50 again. Bids/demand building now at 1.2860 then 1.2830, 1.2800 and 1.2785 again with larger into 1.2750. I remain GBP bearish overall and happy to jump on rallies then buy back in the dips, a strategy that continues to work well but caution advised on all the Brexit headline unknowns. UK wages and jobs data just out has had little impact.

    EURGBP has also understandably been on a Brexit roller-coaster ride of its own falling to 0.8710 (GBPEUR up to 1.1481) before rallying to 0.8758 (1.1418) then falling now again to 0.8708 as I type. Buyers still around 0.8700 then 0.8685 and 0.8650 with sellers at 0.8730, 0.8750, 0.8780, 0.8800 and 0.8830

    EURUSD has been down further to 1.1216 on continued US$ demand and ongoing concerns over Italy after failing into 1.1280 on yesterday's rally. Bids/support now at 1.1220 then 1.1200 and 1.1185 with sellers at 1.1260 and still poised around 1.1280 then 1.1300.

    USDJPY had another look down at 113.50 on yesterday's risk-off Yen demand before once again rallying above 114.00 where it still sits as I type. Immediate sell interest again between 114.20-30 then larger at the key 114.50 area with buyers poised at 113.90-00, 113.75 and 113.50-60 again then 113.20. I remain a rally seller buying back in the dips.

    USDCHF has also found support again but still tempered by some EURCHF supply down to 1.1327. Bids/support still around 1.1330 and 1.1300 with sellers poised at 1.1380 and 1.1400 again with USDCHF bids at 1.0080 and 1.0060 and sellers around 1.0120 then 1.0150. I'm still happy to trade both sides of the price action at the moment but preferring the dip buys.

    AUDUSD turned lower on the general USD demand and AUDJPY supply and posted lows of 0.7164 before rallying only to fail into the 0.7220 offers I highlighted again yesterday.Immediate bids/support now at 0.7170 and 0.7150 with sellers still poised at 0.7220 then 0.7240-50.Large option contracts rolling off today at 0.7200 should help contain range until expiry at 15.00 GMT. USDCAD has duly rallied again to now post 1.3250 on the general Greenback grabbing. Bids now around 1.3200, 1.3180 then 1.3160, 1.3120 and 1.3100 still with sellers poised around 1.3250 again then 1.3270 and 1.3300.

    Fickle Forex markets ever prevailing so get your orders in to take full advantage of these moves.

    Have a good day out there one and all

    Twitter: @MSPFX and @MikePatersonFX

    Interbank Rate 08.15 GMT

    GBPUSD 1.2880

    EURUSD 1.1231

    EURGBP 0.8718

    GBPEUR 1.1468

    USDJPY 114.09

    USDCAD 1.3233

    USDCHF 1.0124

    GBPAUD 1.7880

    GBPCAD 1.7045

    GBPCHF 1.3027

    GBPHKD 9.9858

    EURHKD 8.7075

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  • More of the same as another week gets underway

    Yes folks, as per recent updates we're seeing continued US$ demand in anticipation of interest rate hikes in December and beyond, while the Pound has been slapped lower again on the prevailing Brexit shambles.

    GBPUSD had ended the week on the back foot around 1.2980 after falling back through decent support between 1.3030-50 then 1.3000. More negative Brexit week-end press saw a gap lower on the Asian opening to 1.2920 and further US$ buying this morning has seen lows of 1.2841 helped by some risk-off GBPJPY selling. Immediate offers now around 1.2880 then 1.2900, 1.2920 1.2950 and the pivotal 1.2980-00 area with decent demand at 1.2830 and 1.2800, 1.2785 with larger into 1.2750. I remain GBP bearish overall and happy to jump on rallies then buy back in the dips, a strategy that continues to work well

    EURGBP has crawled its way higher to climb back up through 0.8730-50 to 0.8775 (GBPEUR down to 1.1395) but has had rallies tempered by some general Euro weakness too.Buyers now around 0.8750 then larger at 0.8730 and 0.8750 with sellers at 0.8780, 0.8800 and 0.8830

    EURUSD has continued its journey lower and now finally taken out the 1.1300 barrier option defence to post lows of 1.1241 this morning. Bids/support at 1.1230 then 1.1200 and 1.1185 with sellers now poised around 1.1280 then 1.1300 with larger interest at the now pivotal 1.1330-40 area.

    USDJPY had another look above 114.00 but sellers poised yet again as I've been warning and coupled with the risk-off Yen demand we've seen a retreat to 113.98 so far. Immediate sell interest again between 114.20-30 then larger at the key 114.50 area with buyers poised at 113.75-80, 113.50-60 again then 113.20. I remain a rally seller buying back in the dips.

    USDCHF has also found support again but also tempered by some safe-haven Franc demand we've seen a cap around 1.0100 with EURCHF sliding further to 1.1351.Bids/support still at 1.1350 then 1.1330 and 1.1300 with sellers poised at 1.1380 and 1.1400 with USDCHF bids at 1.0060 and 1.0020 and sellers around 1.0100 still then 1.0130 and 1.0150. Still happy to trade both sides of the price action at the moment but preferring the dip buys.

    AUDUSD has turned lower on the USD demand and AUDJPY supply and now posted lows of 0.7188.Immediate bids/support still at 0.7180 and 0.7150 with sellers now poised at 0.7220 then 0.7240-50. USDCAD has duly rallied again to post 1.3216 on the Greenback grabbing. Bids now around 1.3180 then 1.3160, 1.3120 and 1.3100 with sellers poised around 1.3220 and 1.3250 still.

    Fickle Forex markets ever prevailing so get your orders in to take full advantage of these moves.

    On Saturday the currently not so mighty Shrimpers of Southend began this year's FA Cup journey at the hallowed Hall and turned in another Jekyll & Hyde display failing to capitalise fully on some first half possession then failing to turn up for the second 45 minutes and conceding yet another late goal.....

    Congrats to England's cricketers who duly completed a convincing win in the First Test v Sri Lanka and to England's rugby union boys for running the All Black so close.Hopefully a good indication of progress being made into the WC next year.

    Have a good week out there one and all

    Twitter: @MSPFX and @MikePatersonFX

    Interbank Rate 08.00 GMT

    GBPUSD 1.2862

    EURUSD 1.1258

    EURGBP 0.8754

    GBPEUR 1.1423

    USDJPY 114.13

    USDCAD 1.3203

    USDCHF 1.0094

    GBPAUD 1.7868

    GBPCAD 1.6977

    GBPCHF 1.2980

    GBPHKD 9.9720

    EURHKD 8.7297

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  • US Dollar in demand again after FOMC

    Last night the US Federal Reserve FOMC left interest rates on hold as expected but paved the way for a hike in December as I suggested yesterday, with more to come in 2019. Cue some Greenback grabbing again and now we're seeing some risk-off sentiment as equity markets duly wobble again.

    GBPUSD continues to fall and has now posted lows of 1.3011 after failing into 1.3150 again yesterday.Risk-off GBPJPY selling and some EURGBP dip demand below 0.8700 both helping to push the pair later. Immediate sell interest now around 1.3030 then then 1.3050-60, 1.3080 and 1.3100 with decent demand still around 1.3000 then 1.2980, 1.2950, 1.2930 and 1.2900. I remain GBP bearish overall and happy to jump on rallies then buy back in the dips, a strategy that continues to work well

    EURGBP had a look at the 0.8680 support (GBPEUR up to 1.1506) but has found that dip demand again to post 0.8715 this morning. Some buyers again now around 0.8700 then 0.8680 still and 0.8750 with sellers still poised around 0.8720 0.8750, 0.8780-85 and 0.8800. A raft of UK data out at 09.30 GMT including first readings of Q3 GDP which will have the algos on hot coals so be ready with your plan of action to take full advantage.

    EURUSD has continued its journey lower too and now posted lows of 1.1332 this morning helped by EURJPY supply and the general US$ demand. Some immediate bids/support at 1.1330 with large options expiring today between 1.1340-50 and the barrier option defence of 1.1300 then 1.1280 and 1.1260. Sellers between 1.1365-75 with large options rolling off today in play then larger option interest at 1.1400, 1.1425 with offers at 1.1450 again then 1.1480 and 1.1500 where huge option interest rolls off today too. Given the current price action it seems difficult now to think that the 1.1400-25 area will be challenged but we rule nothing out.

    USDJPY had a brief look above 114.00 post-FOMC but sellers were poised as I've been warning and coupled with the risk-off Yen demand we've seen a retreat to 113.77 so far. Immediate sell interest again around 114.00 with more between 114.20-30 and 114.50.Bids/demand still around 113.50 then 113.30 and 113.00 again. I remain a rally seller buying back in the dips.

    USDCHF has also found support post-FOMC but tempered by the safe-haven Franc demand we've seen the cap at 1.0086 EURCHF sliding a little to 1.1419.Bids/support still at 1.1400 and 1.1380 with sellers poised at 1.1450 and 1.1480-00 still. USDCHF bids now at 1.0060, 1.0030, 1.0000 and 0.9980 still with sellers again poised between 1.0080-1.0100 then 1.0130. Still happy to trade both sides of the price action at the moment but preferring the dip buys.

    AUDUSD has turned lower on the USD demand and AUDJPY supply and after failing into 0.7300 again has now posted lows of 0.7235 but remains supported in the dips with large options expiring today at 0.7270 remaining in play.Immediate bids/support still at 0.7230 then 0.7200 where even larger option expiry interest lurks today. Sellers now poised at 0.7270 then 0.7300 and 0.7320. USDCAD has duly rallied to post 1.3194 post-FOMC and with oil prices slipping back. Bids now around 1.3160 then 1.3130-40 and 1.3100 with sellers poised around 1.3200 then 1.3220 and 1.3250 still.

    Fickle Forex markets ever prevailing so get your orders in to take full advantage of these moves.

    Tomorrow the mighty Shrimpers of Southend begin this year's FA Cup journey at the hallowed Hall hoping to last a bit longer than in recent times. Bring on Wembley!!

    Hats off to England's cricketers who have put themselves in a strong position in the First Test v Sri Lanka.

    Have a great week-end out there one and all but do take time to remember the fallen in all wars. Lest we forget........

    Twitter: @MSPFX and @MikePatersonFX

    Interbank Rate 08.09 GMT

    GBPUSD 1.3017

    EURUSD 1.1341

    EURGBP 0.8712

    GBPEUR 1.1477

    USDJPY 113.84

    USDCAD 1.3187

    USDCHF 1.0078

    GBPAUD 1.7967

    GBPCAD 1.7170

    GBPCHF 1.3124

    GBPHKD 10.0921

    EURHKD 8.7933

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  • Jury still out in the US election aftermath

    As i said yesterday markets are still making their mind up but we're seeing a little risk-on sentiment prevail as equity markets rally and FX traders continue to second-guess.Some focus today on this evening's latest interest rate decision from the US Federal Reserve delayed from yesterday due to the US mid-term elections but no great sparks expected with any rate hike being touted for December.

    GBPUSD continues to range and after holding 1.3175-80 yesterday we've been back down to test 1.3100 this morning before rallying back but failing at 1.3150. Some support lent by the risk-on GBPJPY demand but equally sellers remain poised.Sell interest still around 1.3150 then there's more at 1.3175-80 again, 1.3200,1.3230 and 1.3250.Immediate demand now around 1.3100 then larger at 1.3080 then 1.3050, 1.3030 and 1.3000. I remain GBP bearish overall and happy to jump on rallies then buy back in the dips but still not looking for too much of a retracement at the moment.

    EURGBP has fallen further to test 0.8700 support (GBPEUR up to 1.1496) and still there as I type. More buyers into 0.8675-80 still then 0.8750 with sellers now poised around 0.8720 0.8750, 0.8780-85 and 0.8800

    EURUSD yesterday held 1.1500 after a severe test, as I warned, for much of the European morning session but the large option contract interest helped provide the decent sell interest I highlighted and duly prevailed. Some immediate bids/support still at 1.1400 then 1.1380 and 1.1360. Sellers into 1.1450 again then 1.1480 and 1.1500. Large option interest rolling off tomorrow at 1.1400 and 1.1425 with even larger at 1.1500 should help contain the range.

    USDJPY remains underpinned around 113.00 after yet another test but similarly has yet to breach 113.80 on its subsequent rally with Yen selling across the board on the equity-led risk-on sentiment.Immediate sell interest still around 113.80 with larger interest at 114.00 then 114.30 and 114.50.Bids/demand now around 113.50 then 113.30 and 113.00 still. I remain a rally seller buying back in the dips.

    USDCHF has also found support from the Swiss Franc selling associated when safe-haven plays dissipate and we've seen a decent rally back to 1.0032 after holding 0.9950-60 yesterday. EURCHF remains underpinned but ranging tightly as general Euro supply prevails.Bids/support still at 1.1430 and 1.1400 with sellers poised at 1.1480-00 still. USDCHF bids now at 1.000 then 0.9980 and 0.9950-60 still with sellers again poised at 1.0060 then 1.0080-1.0100. Still happy to trade both sides of the price action at the moment but preferring the dip buys.

    AUDUSD failed at 0.7300 yesterday but remains supported above 0.7250 with option interest today at 0.7300 and tomorrow at 0.7275 helping to contain the range.Immediate bids/support still at 0.7250 then 0.7230, 0.7200 again with sellers still poised at 0.7300 and 0.7320. Last night the Reserve Bank of NZ left rates on hold as expected despite the previous days strong jobs report. USDCAD has fallen back to test 1.3050 support on firmer oil prices and CAD/JPY demand before rallying to 1.3126 only to fall back again this morning helped by more CAD/JPY buying.Bids now around 1.3080 then 1.3050 still with sellers poised at 1.3120 then 13150-60 still.

    Fickle Forex markets ever prevailing so get your orders in to take full advantage of these moves.

    Have a good day out there one and all.

    Twitter: @MSPFX and @MikePatersonFX

    Interbank Rate 08.32 GMT

    GBPUSD 1.3142

    EURUSD 1.1438

    EURGBP 0.8703

    GBPEUR 1.1488

    USDJPY 113.71

    USDCAD 1.3094

    USDCHF 1.0015

    GBPAUD 1.8028

    GBPCAD 1.7206

    GBPCHF 1.3160

    GBPHKD 10.1936

    EURHKD 8.8733

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  • US Dollar falls as Democrats take the House

    Yesterday's US mid-term elections have seen the Democrats take the House of Representatives in a move that undermines the Trump grasp but his Republicans have increased their majority in the Senate. We've seen some US$ selling on the initial outcome impact but the jury remains out on what it will all mean in due course. Meanwhile Brexit border issues continue to also grab headlines and the Pound continues to feel some love overall.

    The GBPUSD dip demand I've been highlighting meant that we saw a hold of the 1.3020-30 support area yesterday on some Brexit wobbles and risk-off GBPJPY selling.Although 1.3100 continued to provide good resistance the US election results have seen it break and test the next decent line at 1.3150 where yesterday I again mentioned that offers lay in wait.Sell interest around 1.3150 being tested again as I type then there's more at 1.3180, 1.3200,1.3230 and 1.3250.Immediate demand now around 1.3120 then larger at 1.3100 and 1.3080 then 1.3050, 1.3030 and 1.3000. I remain GBP bearish overall and happy to jump on rallies then buy back in the dips but still not looking for too much of a retracement at the moment if this latest wave of US$ supply continues.

    EURGBP has fallen further to post 0.8711 (GBPEUR up to 1.1480) as GBP buyers generally prevail. More buyers into 0.8700 and 0.8675-80 still with sellers now poised again around 0.8750, 0.8780-85 and 0.8800

    EURUSD has held around 1.1400 and now broken up through the decent resistance between 1.1430-50 to post highs of 1.1475. Large option contract interest rolling off today at 1.1500 expected to provide some decent sell interest given recent range but don't rule out a decent challenge especially if the US$ supply continues today. Some immediate bids/support at 1.1450 with larger interest at 1.1420-30, 1.1400 and 1.1380. Sellers into 1.1480 still then 1.1500, 1.1520 and 1.1550.

    USDJPY remains underpinned around 113.00 and rallied to 113.82 helped by some risk-on Yen selling before falling back to test 113.00 again on the post-election US$ supply.Immediate sell interest now around 113.30 with larger interest at 113.50 again then between 113.80-00 still.Bids/demand around 113.00 still then 112.80 and 112.50. I remain a rally seller buying back in the dips.

    USDCHF has also retreated from 1.0051 highs and currently back below 0.9990 as I type with EURCHF tightly bound and EURUSD demand prevailing. EURCHF bids/support at 1.1450 holding for the moment then more at 1.1430 and 1.1400 with sellers poised at 1.1480-00 still. USDCHF bids at 0.9975-80 still then 0.9960 with sellers now poised at 1.0020 then 1.0060 and 1.0080-1.0100 still. Still happy to trade both sides of the price action at the moment but preferring the dip buys.

    AUDUSD has now broken up through decent lines at 0.7250 to test 0.7280 on the US$ selling and helped by some strong NZD demand on good NZ jobs data.Immediate bids/support now at 0.7250 then 0.7230, 0.7200 and 0.7180 again with sellers poised around here at 0.7280 then larger into 0.7300 then 0.7320. USDCAD has fallen back to test 1.3100 after failing above 1.3150 amid the general US$ supply.Bids still at 1.3100 but being severely tested as I type then more at 1.3080 and 1.3050 again with sellers poised between 1.3120-30 and 1.3160 still.

    Fickle Forex markets ever prevailing so get your orders in to take full advantage of these moves.

    Have a good day out there one and all.

    Twitter: @MSPFX and @MikePatersonFX

    Interbank Rate 07.50 GMT

    GBPUSD 1.3127

    EURUSD 1.1450

    EURGBP 0.8722

    GBPEUR 1.1465

    USDJPY 113.06

    USDCAD 1.3125

    USDCHF 1.0004

    GBPAUD 1.8103

    GBPCAD 1.7231

    GBPCHF 1.3136

    GBPHKD 10.1774

    EURHKD 8.8769

    Read more...

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