• Risk sentiment sours again

    Now it's the threat of Coronavirus that has now spread to three countries that has tilted the scales to the risk-off side as the world remains a fragile place. Risk sentiment prevailing again as that's witnessing some safe haven currency demand with JPY the biggest gainer and equities/oil lower.

    Meanwhile the Pound has found a few buyers again as the perception of either no rate cut from the BOE next week ( I mentioned my doubts on a cut yesterday) or else we're in a sell rumour/buy fact scenario albeit with the announcement still a way off but looming large given the recent sell interest/expectations.

    GBPUSD duly held 1.2960 yesterday (I warned of good two-way business again) and we've been back up to 1.3022 but sellers remain poised.EURGBP has been tightly bound again but a tad softer as the GBPUSD rally outstripss EURUSD.

    GBPJPY has found a base around 142.80 but rallies tempered by USDJPY capping into 110.30 again and the general risk-off sentiment. .

    I stay poised to sell GBP rallies overall and buy back in the dips as ever but continue to see some good two-way business as we continue in these tight ranges. UK wages and jobs data just out have come in better than expected and given the Pound a small lift.

    EURUSD has remained tightly bound between 1.1080-00 as cross-play interest provides both sellers and buyers while

    USDJPY capped into the pivotal 110.30 again and has fallen to post 109.90 on the risk-adverse plays. The BOJ kept rates on hold and provided the usual hot air but did raise GDP forecasts while lowering CPI estimates.

    EURJPY remains tightly bound still but a tad softer with the JPY demand and EURUSD failing to rally too far. USDCHF still finding some support around 0.9660 helped by the EURUSD softness but with sellers still poised as EURCHF remains on the weak side.

    AUDUSD has now broken down through the good demand at 0.6850 helped by some AUDJPY supply but buyers lurking not too far away.USDCAD has found support around 1.3050 again and now rising to test 1.3080 helped by the oil price fall and CADJPY selling.

    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 rates: 08.28 GMT

    GBPUSD 1.3005

    EURUSD 1.1088

    EURGBP 0.8548

    GBPEUR 1.1730

    GBPAUD 1.8992

    GBPCAD 1.7004

    GBPJPY 142.96

    GBPZAR 18.9037

    GBPHKD 10.0827

    USDJPY 109.93

    USDZAR 14.5350

    EURJPY 121.87

    EURCHF 1.0737

    EURHKD 8.5957

    AUDUSD 0.6847

    USDCAD 1.3074

    USDCHF 0.9685

    Read more...

    0 comments

  • Wobbly Pound as another week gets underway

    Some GBP weakness notable this morning on the back of UK Chancellor Javid making some dovish Brexit-related weekend comments.Throw in some UK wages/jobs data tomorrow likely to lend support for a BOE rate cut next week (I'm not sure they will cut though at this point) and we can expect sellers to prevail albeit in the tight ranges still.

    Elsewhere oil prices have seen a sharp rally, albeit with some retracement since, on reports of Libya closing down half of its exports. Today sees US markets mostly closed for Martin Luther King Day so liquidity in that session will be a little thin.

    GBPUSD has been down to test 1.2960 this morning helped by some GBPJPY supply as USDJPY caps into the pivotal 110.30 again.Friday's rally provided another good sell opportunity which I hope you took advantage of but good two-way business/pips to be had still I believe. EURGBP duly held 0.8500 amid support from those large option expiries on Friday and the general GBP retreat but rally tempered by EURUSD also falling. GBPJPY has fallen to test 142.80 support helped by USDJPY capping into 110.30 and the general GBP weakness.

    I stay poised to sell GBP rallies overall and buy back in the dips as ever but continue to see some good two-way business as we continue in these tight ranges.

    EURUSD has fallen to 1.1079 but has another large option expiry interest today at 1.1100-05 helping to contain/cap. USDJPY has held 110.00 again but similarly capped at the pivotal 110.30. Toss a coin time as BOJ announce their latest interest/policy decisions tonight at 03.00 GMT but the usual hot air expected.EURJPY remains tightly bound still with good two-way business on core pairs.USDCHF has found some support now around 0.9660 helped by the EURUSD retreat but with sellers still poised as EURCHF remains on the soft side.

    AUDUSD has finally broken down through the good demand at 0.6880-85 helped by some AUDJPY supply and a failure to hold above 0.6900. USDCAD has held 1.3080 and remains tightly bound with a fall to 1.3050 helped by the oil price spike.

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

    A glorious 12-hour day out (and a 580 mile round trip) was had on Saturday to witness a scrappy but ultimately deserved 2-1 victory )our first since September) to the acclaim of the 233 travelling fans. A memorable occasion as I'm sure it currently is for the England cricket fans in SA as we take the last wicket to claim a comprehensive victory.

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

    Twitter: @MSPFX and @MikePatersonFX

    Interbank rates: 08.40 GMT

    GBPUSD 1.2978

    EURUSD 1.1089

    EURGBP 0.8545

    GBPEUR 1.1700

    GBPAUD 1.8879

    GBPCAD 1.6959

    GBPJPY 142.92

    GBPZAR 18.8874

    GBPHKD 10.0618

    USDJPY 110.15

    USDZAR 14.5564

    EURJPY 122.14

    EURCHF 1.0738

    EURHKD 8.5998

    AUDUSD 0.6873

    USDCAD 1.3068

    USDCHF 0.9684

    Read more...

    0 comments

  • Risk on the rise as we close another week

    Defying gravity imho but the trend is your friend they say and right now the trend is stronger risk sentiment and a general feel-good factor with the Pound also brushing off interest rate concerns that we saw earlier in the week. China GDP sprang no negative surprises and that's helped add to this latest relief rally too. UK Retail Sales expectations/leaks also helping GBP pairs this morning but now having another reality check post-release.

    GBPUSD has been up to test 1.3100 helped by the GBPJPY demand but sellers there holding the rise for the moment as we wait on the data. As I said yesterday I see another rally-sell opportunity in theory but some caution required for the moment.Good two-way business/pips to be had still I believe though. We've now seen a big UK retail sales data miss and the Pound has duly retreated to reward all the rally sellers. A classic case of buy rumour/sell fact.

    GBPUSD is now testing the 1.3045-50 bids as I type having posted 1.3118 in a rush prior to the data while EURGBP has held 0.8500 (a large lump of option expiries today) to rally and post 0.8530.GBPJPY has taken out the bids at 143.80-00 to post 143.68 after posting highs of 144.54

    I stay poised to sell GBP rallies and buy back in the dips as ever but still see some good two-way business as we continue in these tight ranges..

    EURUSD has been tightly bound, contained once again by large option expiry interest at 1.1100,1.1120-25 and 1.1150 while USDJPY has held 110.00 since those large expiries rolled off there yesterday and threatening to break up through the pivotal 110.30 area.EURJPY has also rallied on the better risk (FX markets ever fickle) and remains underpinned still.USDCHF has found some support now around 0.9620-30 amid the better risk but with sellers still poised as EURCHF remains tightly bound.

    AUDUSD continues to find good demand/support at 0.6880-85 and holding falls yet again helped by the AUDJPY demand but sellers around 0.69235 poised still.USDCAD has held 1.3030 and remains tightly bound.

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

    Long journey up North tomorrow for the still-unbeaten-in-2020-Shrimpers, and fans, but we go looking to bring at least a point back as our battle for League One survival continues.

    England's cricketers on top in South Africa with a fine contribution of 44 from opener Zak Crawley who I had the pleasure of helping as a youngster during his time at my club Sevenoaks Vine CC. Top work Zak, despite my assistance and advice!

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

    Twitter: @MSPFX and @MikePatersonFX

    Interbank rates: 09.40 GMT

    GBPUSD 1.3054

    EURUSD 1.1128

    EURGBP 0.8530

    GBPEUR 1.1728

    GBPAUD 1.8901

    GBPCAD 1.7027

    GBPJPY 143.82

    USDJPY 110.19

    EURJPY 122.61

    EURCHF 1.0741

    AUDUSD 0.6904

    USDCAD 1.3045

    USDCHF 0.9653

    Read more...

    0 comments

  • Better risk plays prevailing but jury remains out

    Yesterday saw the official signing of the US-China Phase One trade agreement and while it's not a lot more being brought to the table other than a truce we're seeing some better risk sentiment in most corners but CHF demand still notable after the SNB were called out as currency manipulators earlier in the week. China GDP out tonight (17th) is an interesting data risk as are various US numbers later today. ECB's Lagarde also speaking at 18.00 GMT.

    GBPUSD has been up to 1.3065 helped by some GBPJPY demand and USD generally failing to rally. Another rally-sell opportunity in theory but some caution required for the moment.Good two-way business/pips to be had still I believe though.EURGBP has been tightly bound again as core pairs move mostly in tandem while GBPJPY rallied to post fresh recent highs of 143.78 and remains underpinned having found support around 143.00 again.

    I stay poised to sell GBP rallies and buy back in the dips as ever but still see some good two-way business as we continue in these tight ranges..

    EURUSD has also rallied to finally break up through 1.1150 and post 1.1164 while USDJPY has held the 109.80 bids/support line and now pinned down around 110.00 .EURJPY has also rallied on the better risk (FX markets ever fickle) and remains underpinned still.USDCHF continues its retreat to post 0.9627 with sellers currently prevailing again amid the fallout from the US Treasury Report finally calling out the SNB as currency manipulators earlier in the week. EURUSD rally also helping to push it lower as EURCHF remains tightly bound albeit softer on the CHF demand.

    AUDUSD remains tightly bound with good demand/support at 0.6880-85 and now 0.6900 helped by the return of some AUDJPY demand while USDCAD has fallen through 1.3050 on some general USD supply and CADJPY demand.

    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 rates: 08.23 GMT

    GBPUSD 1.3042

    EURUSD 1.1153

    EURGBP 0.8552

    GBPEUR 1.1692

    GBPAUD 1.8870

    GBPCAD 1.7012

    GBPJPY 143.41

    GBPZAR 18.7776

    GBPHKD 10.1138

    USDJPY 109.95

    USDZAR 14.3887

    EURJPY 122.64

    EURCHF 1.0742

    EURHKD 8.6502

    AUDUSD 0.6911

    USDCAD 1.3042

    USDCHF 0.9628

    Read more...

    0 comments

  • Caution the byword once again

    Today see the official signing of the US-China Phase One trade agreement at 16.30GMT so we'll get that elephant out of the room but whether we'll see much of the real detail remains to be seen. Global uncertainty continues to be the backdrop and markets/FX pairs are suitably fragile still. UK inflation numbers at 09.30 GMT are today's immediate data risk/focus with US PPI and Empire State at 13.30 GMT

    GBPUSD held 1.2960 helped by those GBP1.1bln in expiries today at 1.2960-65 that I highlighted. We then saw 1.3000 finally give way too encouraging buyers to take the pair up to 1.3043. Another rally-sell opportunity to me but good two-way business still being had.EURGBP has fallen through 0.8550 as the GBPUSD rally outstrips EURUSD but demand at 0.8530 holding the fall so far as we wait on inflation data. GBPJPY found support at 142.50 ahead of the GBP-led rally to 143.43 but since finding support around 143.00.

    I stay poised to sell GBP rallies and buy back in the dips as ever but still see some good two-way business as we continue in these tight ranges..

    EURUSD has remained in a comatose state being contained in that 1.1100-50 range still. USDJPY broke up through 110.00 again but ran into sellers again helped by some softer risk plays. Still finding support at 109.80-85 though.EURJPY has also been in tight range amid the variable risk/core pair action but mostly underpinned still.

    USDCHF has dip buyers still but sellers currently prevailing again amid the softer risk and the US Treasury Report finally calling out the SNB as currency manipulators.

    AUDUSD remains tightly bound with good demand/support at 0.6880-85 still but some AUDJPY supply helping sellers after those A$1.6bln in expiries yesterday at 0.6900-05 rolled off. USDCAD has also been tightly contained and holding 1.3050-80 again with oil prices still steady relative to the recent spike/retreat.

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

    Don't forget that I offer 1-2-1 mentoring if there's areas of trading these tight ranges, or how to make best use of the order boards and expiries, that you might need some further help with.

    Have a good day out there one and all.

    Twitter: @MSPFX and @MikePatersonFX

    Interbank rates: 08.25 GMT

    GBPUSD 1.3012

    EURUSD 1.1123

    EURGBP 0.8548

    GBPEUR 1.1697

    GBPAUD 1.8897

    GBPCAD 1.7002

    GBPJPY 143.03

    GBPZAR 18.7504

    GBPHKD 10.0882

    USDJPY 109.93

    USDZAR 14.4117

    EURJPY 122.29

    EURCHF 1.0787

    EURHKD 8.6246

    AUDUSD 0.6885

    USDCAD 1.3067

    USDCHF 0.9670

    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