• Brexit in focus still as EU summit looms

    Apologies for lack of update yesterday due to some internet gremlins but normal service now resumed.

    Important UK cabinet meeting the focus this morning where PM May will attempt to get everyone on side ahead of tomorrow's key EU summit amid renewed talk of rebellion.

    GBPUSD has been down to 1.3082 and back up to 1.3198 on the uncertainty with UK wages and jobs data also in the mix at 09.30 BST. Sell interest now poised at 1.3200 and 1.3220 then 1.3250 again with the larger resistance area/sell interest still between 1.3280-00 with barrier option interest at 1.3300 expected to be defended should we get close. Immediate demand now around 1.3160 with larger interest into the 1.3130-40 area then 1.3100 and 1.3080 still. I remain a GBP rally seller for the moment but with a little caution still and happy to buy back in the dips.

    EURGBP has been up to 0.8826 (GBPEUR down to 1.1330) and remains supported around 0.8780 for the moment. Sellers poised now around 0.8800 then 0.8830 and 0.8850. Bids/support around 0.8780 then larger between 0.8750-60, 0.8730 and 0.8700.

    EURUSD has failed above 1.1600 again but equally has support into 1.1550 still with large option contract interest rolling off there again today .Decent bids/support now around 1.1575-80 then that larger interest between 1.1550-60 then 1.1520 and 1.1500 with sellers now poised at 1.1600,then 1.1620-30 and 1.1650 still.

    USDJPY has found a bit of dip demand into 111.60 demand/USD supply tones but continues to range tightly.. Bids/demand now around 112.00,111.85 and 111.60 still with sell interest into 112.30 then 112.50 still. I remain a rally seller. USDCHF has also found buyers in the dips helped by EURCHF demand but equally sellers above 0.9900. EURCHF demand now around 1.1430 and 1.1380-1.1400 again with sellers between 1.1480-1.1500 still. USDCHF bids still at 0.9860 and 0.9830 with sell interest around 0.9900, 0.9930 and 0.9960 again. I remain a dip buyer on both.

    AUDUSD still remains tightly bound between 0.7100-50. Immediate demand at 0.7100, 0.7080 then 0.7045-50 with sellers poised around 0.7150 again then 0.7180 and 0.7200. USDCAD has been flatlining after rallying back up to 1.3050 where I highlighted sell interest in my Friday update. Immediate sellers now at 1.3030 then 1.3050, 1.3080 and 1.3100 still with buyers around 1.2980,1.2960 and 1.2930.

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

    Saturday saw the mighty Shrimpers of Southend United travelling across the Thames to take on "local" rivals Gillingham and brought back all 3 points, watched by my brother Steve for the first time in over 40 years having left Essex for foreign shores aged just 23. A good day had by all. Congrats to England on an impressive win in Spain last night too.

    Have a good day out there one and all.

    Twitter: @MSPFX and @MikePatersonFX

    Interbank Rate 08.35 BST

    GBPUSD 1.3185

    EURUSD 1.1594

    EURGBP 0.8792

    GBPEUR 1.1374

    USDJPY 112.14

    USDCAD 1.2985

    USDCHF 0.9874

    GBPAUD 1.8511

    GBPCAD 1.7122

    GBPCHF 1.3022

    GBPZAR 18.8511

    GBPHKD 10.2223

    EURHKD 8.9875

    Read more...

    0 comments

  • Another roller-coaster ride as uncertainties continue

    Equity markets have been all over the place again, as has risk sentiment, all helping to keep the Greenback generally lower but markets second-guessing still.

    GBPUSD looked at 1.3250 but then fell back to test support lines at 1.3180 only to feel some Brexit love again and rallied to eventually post highs of 1.3258 this morning amid all the noise and both GBPJPY selling/buying. Sell interest poised between 1.3250-60 still with 1.3280-00 still a very good line in the sand. Immediate demand now around 1.3200 with larger into the 1.3180 area still then more at 1.3150, 1.3130 and larger at 1.3100. I remain a GBP rally seller for the moment but with a little caution still and happy to buy back in the dips.

    EURGBP has been up to 0.8771 (GBPEUR down to 1.1400) but remains contained for the moment. Sellers poised now around 0.8780 still then 0.8800 and 0.8830. Bids/support around 0.8750 then larger between 0.8700-20.

    EURUSD has had a couple of attempts to stay above 1.1600 but failing to do so amid the general two-way business and variable Euro demand.Decent bids/support now between 1.1550-60 with options rolling off at 1.1550 then 1.1520, 1.1500, then 1.1475-80 and still between 1.1450-60 with sellers now poised between 1.1620-30 and 1.1650.

    USDJPY is still finding rally-sellers on the general risk-off Yen demand/USD supply tones but continues to find buyers below 112.00 with sellers capping rallies around 112.50. Bids/demand now around 112.00,111.85 and 111.60 with sell interest still around 112.50 then 112.80-00. I remain a rally seller. USDCHF has also found sellers on the CHF safe-haven demand but equally supported by EURCHF demand with the SNB never too far away in these uncertain times. EURCHF demand now around 1.1430 and 1.1380-1.1400 still and helping to underpin both pairs.Sellers between 1.1480-1.1500. USDCHF bids now at 0.9880, 0.9860 and 0.9830 with sell interest around 0.9930 and 0.9960 still. I remain a dip buyer on both.

    AUDUSD still remains tightly bound too but helped by some more conciliatory tones on the US-China trade spat . Immediate demand now at 0.7100, 0.7180 then 0.7045-50 still.Sellers poised around 0.7130 again then 0.7150 still and 0.7180. USDCAD has fallen back to test 1.3000 amid all the noise elsewhere and some dip demand for oil.Sell interest now at 1.3050 then 1.3080 and 1.3100 still with buyers around 1.3000 with large option interest there today, 1.2980 and 1.2960.

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

    Tomorrow sees the mighty Shrimpers of Southend United travel across the Thames to take on "local" rivals Gillingham. The game is always an eagerly awaited fixture but none more so this time than by my brother Steve who is over on a short trip from Canada and will see Southend play for the first time in over 40 years having left Essex for foreign shores aged just 23. Enjoy your long-overdue day with us mate and let's hope the boys give you the perfect 3 point return.

    Have a great week-end out there one and all wherever yours takes you.

    Twitter: @MSPFX and @MikePatersonFX

    Interbank Rate 08.45 BST

    GBPUSD 1.3253

    EURUSD 1.1601

    EURGBP 0.8753

    GBPEUR 1.1422

    USDJPY 112.33

    USDCAD 1.3013

    USDCHF 0.9884

    GBPAUD 1.8604

    GBPCAD 1.7248

    GBPCHF 1.3100

    GBPZAR 19.1757

    GBPHKD 10.2750

    EURHKD 8.9958

    Read more...

    0 comments

  • Risk appetite off the menu as equities retreat further

    Equity markets have staged another wobble and Trump has voiced his concern about US rate hikes yet again all helping to send the Greenback generally lower too as traders turn to safe-haven currencies once again.

    GBPUSD has found some Brexit love again and been up to 1.3245 amid all the noise elsewhere but has been tempered by GBPJPY and GBPCHF selling while EURGBP has found support again into 0.8724 which has added to the GBP supply. Sell interest poised at 1.3220 now then larger into 1.3250 again with 1.3280-00 still a very good line in the sand. Immediate demand now around the 1.3180 area then more at 1.3150, 1.3130 and larger at 1.3100. I remain a GBP rally seller for the moment but with a little caution still and happy to buy back in the dips.

    EURGBP has bids/support at 0.8720 still then more into 0.8700 and 0.8680. Sellers poised now around 0.8750 again then 0.8780, 0.8800 and 0.8830. Yesterday's UK data,inc GDP, was inconclusive with BOE's Haldane adding little of note in his speech either so the GBP jury remains out.

    EURUSD has finally held above 1.1500 and now taken out the 1.1530 resistance to post highs of 1.1573 amid the general US$ selling and renewed Euro demand.Immediate bids/support now at 1.1520, 1.1500, then 1.1475-80 and still between 1.1450-60 with sellers still poised between 1.1580-1.1600 as I warned yesterday. Large option contracts rolling off at 1.1500 and 1.1600 today should provide the range limits on the wide.

    USDJPY is still finding rally-sellers on the risk-off Yen demand/USD supply tones and has fallen further to 111.98 lows after yesterday's failed/option-led attempt to hold above 113.00. Bids/demand now around 112.0,111.85 and 111.60 with sell interest at 112.50 then 112.80-00. I remain a rally seller. USDCHF has also also been in retreat on the CHF safe-haven demand and broken down through 0.9880-0.9900 support to post lows of 0.9856. EURCHF demand still around 1.1380-1.1400 though and helping to underpin both pairs with the SNB never too far away.Sellers at 1.1430,1.1450 still then larger between 1.1480-1.1500. USDCHF bids still at 0.9860 and 0.9830 with sell interest around 0.9900, 0.9930 and 0.9960. I remain a dip buyer on both.

    AUDUSD still remains undermined by concerns over the US-China trade spat and Aussie $ sellers prevailed agaion yesterday above 0.7100 to send the pair back down to 0.7042. Immediate demand now at 0.7045-50,0.7030 and 0.7000.Sellers poised around 0.7100 then 0.7130 and 0.7150 again. USDCAD is bucking the Greenback trend for the moment to rally and post highs of 1.3070 as falling oil prices and USMCA uncertainty combine to weaken the Canadian $.Sell interest at 1.3080 then 1.3100 with buyers around 1.3020 and 1.3000 and 1.2980.

    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 09.25 BST

    GBPUSD 1.3188

    EURUSD 1.1543

    EURGBP 0.8752

    GBPEUR 1.1423

    USDJPY 112.34

    USDCAD 1.3046

    USDCHF 0.9887

    GBPAUD 1.8605

    GBPCAD 1.7204

    GBPCHF 1.3039

    GBPZAR 19.3400

    GBPHKD 10.2246

    EURHKD 8.9509

    Read more...

    0 comments

  • Perky Pound again on more Brexit positives

    It's been another decent 24 hours for the Pound amid more positive Brexit noises, albeit without the detail still. Trump has voiced his concern about US rate hikes again and helped send the Greenback generally lower too.

    The net result has seen GBPUSD rallying strongly to post highs of 1.3185 this morning after testing the 1.13030 support area yet again yesterday where I was able to trim back short positions again. EURGBP has fallen through support at 0.8750 to post lows of 0.8724 (GBPEUR up to 1.1464) and that momentum has helped underpin the Pound across the board. Decent sell interest still poised between 1.3180-1.3200 then larger into 1.3230 and 1.3250 with 1.3280-00 still a very good line in the sand. Immediate demand now around 1.3150 area then more at 1.3130 and larger at 1.3100 then 1.3080 and 1.3060. I remain a GBP rally seller up here for the moment but with a little caution with both the UK and EU seemingly keen to get something of note sorted by the 18th Oct summit.

    EURGBP has bids/support into 0.8700 and 0.8680 but still remains undermined by the GBP demand/Italy-led EUR supply double whammy. Sellers poised now around 0.8750 again then 0.8780, 0.8800 and 0.8830. Plenty of UK data,inc GDP,out today at 08.30 GMT with BOE's Haldane up to the mic too so caution understandably advised on GBP trading for the moment.

    EURUSD has failed above 1.1500 yet again this morning as a little USD demand returns generally in early European trading.Immediate bids/support now at 1.1475-80 then still between 1.1450-60, larger at 1.1430 and 1.1400 with sellers poised into 1.1530 still then 1.1560 with larger between 1.1580-1.1600 still. Large-ish option contracts rolling off around 1.1500 today and tomorrow may help contain range there today.

    USDJPY is still finding rally-sellers on the risk-off Yen demand/USD supply tones but is ranging still between 112.80-113.30 with large options again today at 113.00 proving a bit of a magnet. Bids/demand still around 112.75-80 and 112.50 with sell interest between 113.20-30 then 113.50. I remain a rally seller. Deja vu moment as USDCHF also still trades tightly again as the jury remains out on the Greenback and the finger still pointing to some assistance from the SNB. EURCHF demand still around 1.1380 then 1.1360 and 1.1320.Sellers at 1.1430,1.1450 then larger between 1.1480-1.1500. USDCHF bids still at 0.9900, 0.9880, 0.9860 and 0.9830 with sell interest around 0.9930, 0.9960 then 0.9980-00. I remain a dip buyer on both.

    AUDUSD has felt a little love again on the USD supply to post 0.7130 but still remains undermined by concerns over the US-China trade spat and Aussie $ sellers remain poised. Immediate demand now at 0.7100 and 0.7080, with larger at 0.7050 and 0.7030.Sellers poised around 0.7130 then 0.7150 still. USDCAD is still making its mind up on the NAFTA/USCMA trade deal uncertainties and still ranging for the moment.Sell interest at 1.2980 then 1.3000 again,1.3030 and 1.3050-60 with buyers still around 1.2920 and 1.2900.

    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 07.44 BST

    GBPUSD 1.3170

    EURUSD 1.1501

    EURGBP 0.8733

    GBPEUR 1.1450

    USDJPY 112.98

    USDCAD 1.2932

    USDCHF 0.9913

    GBPAUD 1.8495

    GBPCAD 1.7024

    GBPCHF 1.3050

    GBPZAR 19.1773

    GBPHKD 10.2107

    EURHKD 8.9176

    Read more...

    0 comments

  • A mixed bag as the new week unfolds

    Brexit, trade wars, and the pace of US Fed rate hikes amid general global financial uncertainty all still in play with a net result of some good two-way business across the board with US and Canadian desks off on hols.

    I warned in yesterday's update not to get too carried away by the Brexit-led GBP rally and GBPUSD duly fell back to 1.3028 helped by EURGBP bouncing off the support around 0.8770. Dip buyers were happy to jump back in though as the jury remains out and we've been back up to 1.3107 only to fall again to 1.3050 this morning so far. Sellers now into 1.3085 then still around 1.3100 with larger into 1.3130 again and 1.3150 with more between 1.3180-00. Immediate demand now around the 1.3050 area then more at 1.3030 again and larger at 1.3000 then 1.2980 and 1.2960. I remain a GBP rally seller and buying back on the dips while we're ranging still.

    EURGBP had a look back above 0.8800 (GBPEUR down to 1.1360) before falling back to look at 0.8770 again but has held once more. Bids still around 0.8770 and 0.8750.Sellers poised around 0.8800 again then 0.8830 and 0.8850. Good two-way opportunities to be had while we carry on ranging.

    EURUSD failed above 1.1500 again after the large option contracts expiring yesterday at 1.1450 duly helped lend support as I warned.Immediate bids/support still between 1.1450-60 then 1.1430 and 1.1400 with sellers poised around 1.1500 with decent size options rolling off there today. Good sell interest also remains into 1.1530 then 1.1550-60, 1.1580 and 1.1600

    USDJPY had a little wobble yesterday on some renewed risk-off Yen demand and fell to 112.83 before recovering some poise with large options today at 113.20 proving a bit of a magnet .Bids/demand now around 113.00 with larger into 112.80 still with sell interest around 113.50 then 113.80 and 114.00. I remain a rally seller. USDCHF has also traded tightly again as the jury remains out on the Greenback and the finger still pointing to some assistance from the SNB. EURCHF demand still around 1.1380 then 1.1360 and 1.1320.Sellers at 1.1430,1.1450 then larger between 1.1480-1.1500. USDCHF bids still at 0.9900, 0.9880, 0.9860 and 0.9830 with sell interest around 0.9960 then 0.9980-00. I remain a dip buyer on both.

    AUDUSD felt a little love yesterday but still remains undermined by concerns over the US-China trade spat and Aussie$ rallies remain weak as I've been highlighting for a while now and I remain a sellers of those. Immediate demand now at 0.7060, with larger at 0.7030 and 0.7000 still.Sellers poised around 0.7100 and 0.7120 still. USDCAD broke up through 1.3000 on the NAFTA/USCMA trade deal uncertainties but fell back to 1.2950 and is ranging for the moment.Sell interest at 1.3000 again, then 1.3030 and 1.3050-60 with buyers now around 1.2950, 1.2920 and 1.2900.

    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 08.38 BST

    GBPUSD 1.3080

    EURUSD 1.1475

    EURGBP 0.8773

    GBPEUR 1.1397

    USDJPY 113.32

    USDCAD 1.2963

    USDCHF 0.9946

    GBPAUD 1.8490

    GBPCAD 1.6950

    GBPCHF 1.3007

    GBPZAR 19.4251

    GBPHKD 10.1409

    EURHKD 8.8978

    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