• Some risk-off sentiment returns

    It's a roller coaster sentiment ride out there right now in the ever-fickle world of Forex and we've seen some risk-off return which has helped brought some Yen demand back into play. There's still some way to go in any correction/reversal for the scenario to change too much in the immediate term with talk of Japan's massive GPIF fund looking to buy more USD still in the mix. Mixed German and French flash PMI data just out and the Euro has taken some positives but sellers still poised. UK flash PMI numbers out next at 09.30 GMT and as ever it will be the services sector that warrants most attention given the sector's 80+% contribution to GDP.

    GBPUSD has found support around 1.2850 where I took some profit yesterday as per my tweet and now some demand building at 1.2870 again as we bounce to test 1.2920-30 again ahead of the data. EURGBP yesterday failed at 0.8400 (GBPEUR support 1.1905) and helped support GBPUSD also as per my tweet but has found some dip demand again with the Euro generally also finding support even with EURJPY sliding back a little. GBPJPY failed again around 144.50 but has since found support at 143.80 in this ever fickle world of FX and now posted 144.38.

    I stay poised to sell GBP rallies and buy back in the dips as ever.Still ranging overall. Be ready with your entry/exit levels at the data release and let the algos do the work as ever. Some demand pre-data release may be pre-empting decent numbers so perhaps a case of sell fact. We'll see soon enough.

    USDJPY finally found a top into the 112.30 offers I mentioned yesterday but is finding support again this morning at 111.50. As I said earlier, i think we need to see a deeper correction to be sure the rally/Yen weakness is over so we should so some good two-way business for the moment.EURJPY dip demand also prevailing at 120.50 for the moment after capping above 121.30 yesterday with core pairs both finding a few bids but with sellers also ever-ready.EURUSD holding 1.0780 again in its latest retreat but rally sellers poised still.USDCHF finding support at 0.9800 with EURCHF still holding around 1.0600 with the SNB casting a shadow still.

    AUDUSD has retreated to deeper 2009 lows of 0.6586 after wobbly PMI data and some AUDJPY selling again while USDCAD is still ranging amid the cross plays/oil price and risk impact and again bounced from 1.3230 but failing into 1.3270.

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

    Southend remain at the hallowed Hall tomorrow for their third home game in a row and we must hope for some return from it. Off the field though, it remains a very sad story.

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

    Interbank rates: 08.50 GMT

    GBPUSD 1.2907

    EURUSD 1.0813

    EURGBP 0.8377

    GBPEUR 1.1937

    GBPAUD 1.9557

    GBPCAD 1.7103

    GBPJPY 144.14

    GBPZAR 19.5409

    GBPHKD 10.0068

    USDJPY 111.67

    USDZAR 15.1107

    EURJPY 120.74

    EURCHF 1.0618

    EURHKD 8.3830

    AUDUSD 0.6597

    USDCAD 1.3251

    USDCHF 0.9821

    Read more...

    0 comments

  • Weak Yen grabbing the headlines

    A mixed tone to risk sentiment amid ongoing Coronavirus concerns but it's the Yen that's stolen the headlines with a large sell move that caught traders, including me, by surprise. Lots of conjecture as to why we had such a strong move but guesses ranging from technical levels being broken on USDJPY/other JPY pairs and on general USD demand/softer Japanese data that prompted stops initially but then caused a perfect storm as Japanese funds bought USD debt with long TESLA/short JPY positions being taken too.

    Also reports that Japanese-owned Seven & I Holdings Co., which controls convenience store operator 7-Eleven, is in exclusive talks to acquire US Marathon Petroleum Corp’s Speedway gas stations for about $22bln. Cash element unknown but potential options impact manifesting itself. Throw it all into the heady mix .

    UK Retail Sales data came in stronger than expected earlier and we've seen some GBP demand understandably but it's not the whole story right now so sellers still poised. GBPUSD holding 1.2925-30 so far and in retreat again to look at 1.2880 as I type helped also by EURGBP rallying strongly as EURJPY demand outstripped GBPJPY buying.EURGBP found support around 0.8300 yesterday and has rallied to post 0.8387 (GBPEUR down to 1.1923).GBPJPY has rallied amid the weker Yen and better risk sentiment in this ever fickle world of FX and now posted fresh recent highs of 144.38.

    I stay poised to sell GBP rallies and buy back in the dips as ever.Still ranging overall. Be ready with your entry/exit levels at the data release and let the algos do the work as ever.

    Year-end Yen repatriation will continue to play out until March 31 and might be expected to temper further rallies but to what extent remains to be seen. Big moves like this are rare these days and generally find some correction/reversal but once again timing in trade placement will be crucial.USDJPY is finding support this morning above 111.50 and testing 112.00 (not seen since last April) as I type.EURJPY demand has certainly given EURUSD a firm base around 1.0780 but rally sellers still poised.EURUSD holding the next line of support at 1.0780 so far helped by the EURJPY and EURCHF demand. EUR rally sellers poised though. USDCHF continues to find support with EURCHF still holding around 1.0600 with the SNB casting a shadow still.

    AUDUSD has retreated to 2009 lows of 0.6622 after wobbly jobs data and amid the general USD demand. AUDJPY buying notable of course but doing little to stem the falls. Large option expiry interest at 0.6700 today now seems a distance away and unlikely to be in play now after capping at 0.6697. Seems the sell-side prevailing as it did yesterday too.USDCAD found support again, this time into 1.3200 and has bounced up above 1.3250 amid the general USD demand.

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

    Have a good day out there one and all.

    Twitter: @MSPFX and @MikePatersonFX

    Interbank rates: 09.55 GMT

    GBPUSD 1.2907

    EURUSD 1.0798

    EURGBP 0.8368

    GBPEUR 1.1947

    GBPAUD 1.9442

    GBPCAD 1.7094

    GBPJPY 144.50

    USDJPY 112.00

    EURJPY 120.92

    EURCHF 1.0613

    AUDUSD 0.6634

    USDCAD 1.3251

    USDCHF 0.9830

    Read more...

    0 comments

  • Ranging still as some risk-on sentiment returns

    A steadier tone to risk sentiment for the moment again but currency pairs all trading tightly still. GBP remains range bound amid a run of key data with UK inflation numbers the next off the ramp at 09.30 GMT today. FOMC Minutes get delivered at 19.00 GMT.

    GBPUSD has held above the key 1.2960-70 support area and now been back up to look at 1.3020 but sellers poised up there as we wait on the UK inflation data. EURGBP found support around the 0.8285 bids yesterday but equally rally sellers also poised. GBPJPY has bounced again amid the better risk sentiment in this ever fickle world of FX but sellers also poised still.

    I stay poised to sell GBP rallies and buy back in the dips as ever.Still ranging overall. Be ready with your entry/exit levels at the data releases and let the algos do the work as ever.

    EURUSD remains soggy but holding the next line of support at 1.0780 so far helped now by some renewed EURJPY and EURCHF demand too with the SNB keeping an eye on 1.0600 imho as per my tweet yesterday. EUR rally sellers poised though. USDJPY is finding support above 109.70 still but rally sellers still lurking. Support now at 109.80-85 with $2.2bln expiries in that range today.EURJPY also firmer after testing those bids around 118.50 but EUR softness still tempering gains.USDCHF continues to find support but rallies tempered again by some EURCHF supply albeit still holding around 1.0600 with the SNB casting a shadow still.

    AUDUSD has held 0.6680 again helped by some risk-on AUDJPY demand and those large option expiries at 0.6700 today which has proved the magnet we expected in this mornings rally to 0.6704. USDCAD also remains range bound still with 1.3225-30 holding again but equally sellers still poised above 1.3270 with large expiries today at 1.3280-85.

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

    Gutted for the youngsters at Southend last night. Lost 0-1 but totally undeserved. We go again on Saturday.

    Have a good day out there one and all.

    Twitter: @MSPFX and @MikePatersonFX

    Interbank rates: 08.29 GMT

    GBPUSD 1.3007

    EURUSD 1.0803

    EURGBP 0.8304

    GBPEUR 1.2041

    GBPAUD 1.9420

    GBPCAD 1.7213

    GBPJPY 143.21

    GBPZAR 19.3712

    GBPHKD 10.0843

    USDJPY 110.09

    USDZAR 14.9305

    EURJPY 118.94

    EURCHF 1.0618

    EURHKD 8.3749

    AUDUSD 0.6698

    USDCAD 1.3233

    USDCHF 0.9828

    Read more...

    0 comments

  • Risk sentiment wobbly again

    Apple have come out with a Q1 profits warning and put the blame at the feet of Coronavirus confirming the economic damage that we can likely expect. Cue further risk-off sentiment after a steadier couple of days. Meanwhile GBP falls back ahead of the start of a run of key data with UK wages/jobs the first off the ramp at 09.30 GMT today.

    GBPUSD has fallen through that decent support at 1.3000-20 to post 1.2971 just ahead of the next line at 1.2960-70. GBPJPY and GBPCHF supply also helping to push it lower along with a general bid under EURGBP for the moment.EURGBP has held 0.8320 to test offers/res around 0.8350 (GBPEUR down to 1.1978).GBPJPY has fallen again amid the softer risk sentiment in this ever fickle world of FX but support nearby at 142.30 and 142.00.

    I stay poised to sell GBP rallies and buy back in the dips as ever.Still ranging overall. UK wages/jobs data today then Inflation/Retails tomorrow in the mix along with the Brexit/political fallout.

    EURUSD remains undermined helped now by some renewed EURJPY and EURCHF selling,but also finding some dip demand still into 1.0800. USDJPY is finding support around 109.70 yet again but sellers still poised as risk wobbles again. EURJPY remains a little soggy still and testing those bids around 118.80 again.USDCHF continues to find support but rallies tempered again by some EURCHF supply returning albeit still holding around 1.0600 with the SNB casting a shadow still.

    AUDUSD has fallen again helped by some risk-off AUDJPY supply and RBA Minutes still to the cautious side, albeit as expected. Large option expiry interest at 0.6700 and between 0.6740-50 tomorrow and the large interest on 20 Feb at 0.6700 should help contain but bids at 0.6680-85 now giving way as I type. USDCAD remains range bound still with 1.3225-30 holding again but equally sellers still poised into 1.3270 on the latest CADJPY supply-led rally.

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

    Another game tonight at the hallowed Hall against local rivals from Kent, Gillingham, and another big test for the young Shrimpers. We'll keep believing and cheering.

    Have a good day out there one and all.

    Twitter: @MSPFX and @MikePatersonFX

    Interbank rates: 08.27 GMT

    GBPUSD 1.2983

    EURUSD 1.0829

    EURGBP 0.8342

    GBPEUR 1.1986

    GBPAUD 1.9427

    GBPCAD 1.7208

    GBPJPY 142.41

    GBPZAR 19.5784

    GBPHKD 10.0665

    USDJPY 109.72

    USDZAR 15.0723

    EURJPY 118.80

    EURCHF 1.0617

    EURHKD 8.3985

    AUDUSD 0.6683

    USDCAD 1.3256

    USDCHF 0.9805

    Read more...

    0 comments

  • Caution required still as another week gets underway

    Steadier risk sentiment prevailing as we start another week but with Coronavirus concerns still around trading conditions remain fragile with Japan posting poor GDP data for Q4. FX pairs still making their mind or just confused. Either way we're still tightly bound. US markets closed today for Presidents Day.

    GBPUSD remains in a 1.3020-1.3070 range after a drop into 1.3000 on Friday as we wait on confirmation that fiscal policy might loosen but with post-Brexit trade deal fallout still lurking.EURGBP has held 0.8300 again with a few options rolling off there today but remains on the back foot and helping to underpin Cable still.GBPJPY remains range bound amid the variable risk sentiment but underpinned still with core pairs both enjoying some support but equally finding rally sellers too.

    I stay poised to sell GBP rallies and buy back in the dips as ever.Still ranging overall. Wages/jobs data tomorrow then Inflation/Retails on Wednesday in the mix too.

    EURUSD remains undermined still but finding some dip demand as we might expect after the recent solid retreat. USDJPY remains range bound, finding support at 109.70 yet again but sellers still poised around 110.00. EURJPY remains a little soggy but dip demand still noted below 119.00.USDCHF continues to find support amid some EURCHF demand around 1.0600 with the SNB casting a shadow still.

    AUDUSD tightly bound still amid the variable risk and option expiry interest with more large interest now at 0.6700 and between 0.6740-50 on Wednesday in addition to the large interest on 20 Feb that I mentioned on Friday.

    USDCAD remains range bound too with a a test of 1.3230 again as I type on its latest retreat but equally sellers still poised into 1.3270.

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

    The young Shrimpers put up another spirited performance against second-in-the-table Coventry on Saturday but once again failed to create any real chances and were understandably over run. Some bright moments though despite all the angst.

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

    Twitter: @MSPFX and @MikePatersonFX

    Interbank rates: 08.28 GMT

    GBPUSD 1.3043

    EURUSD 1.0838

    EURGBP 0.8310

    GBPEUR 1.2032

    GBPAUD 1.9395

    GBPCAD 1.7271

    GBPJPY 143.25

    GBPZAR 19.4321

    GBPHKD 10.1122

    USDJPY 109.84

    USDZAR 14.9026

    EURJPY 119.07

    EURCHF 1.0637

    EURHKD 8.4044

    AUDUSD 0.6723

    USDCAD 1.3242

    USDCHF 0.9814

    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