• Another reality check as some risk-off returns

    Yes folks in this ever fickle world of Forex we're seeing some risk-off sentiment again after the euphoria of the past couple of days that I warned was somewhat misguided. US-China relations becoming ever more tense and doubts cast on the Moderna COVID-19 vaccine have given markets/algos some renewed concerns

    GBP had another positive day helped by some GBPJPY demand amid the risk-on sentiment and news from the BOJ that an emergency meeting will be held on Friday and we went up to look at 1.2300 before retreating helped this morning by some softer CPI. No shock on soggy data right now so finding support at the pivotal 1.2220 area for the moment. EURGBP held 0.8900 (GBPEUR 1.1235) again after failing around 0.8960 (1.1160) once more and since failed above 0.8950 which is also helping to support GBPUSD. Ranging still.GBPJPY enjoyed a good day on the better risk/BOJ meeting Yen supply but found sellers at 132.50 before then basing around 131.60 atm.

    I stay poised to sell GBP rallies overall and buy back in the dips as ever but patience continues to be a virtue and entry level key as always.Caution still advised but sellers not getting shaken off just yet amid the Brexit/negative rates back-story.

    USDJPY rallied to test 108.00 helped by the risk-on/BOJ meeting Yen selling only to fall back to post 107.63 oin the reality check. EURJPY held 117.30 after breaking up through 117.00 but failed into 118.20 on the softer risk sentiment and core pair supply.EURUSD failed into 1.0980 as a reality check ensued on the €500bl EU Recovery Fund and softer risk sentiment with EU hardliners Austria, Netherlands, Denmark & Sweden expected to publish a rival plan after 13.00 GMT today.USDCHF also ran out of puff as natural market forces tempered the previous day's rally assistance from the SNB as EURUSD rallied and with EURCHF in retreat again but finding support around 0.9680 for the moment.

    AUDUSD failed at 0.6580 and has had a reality check of its own amid the ongoing Chinese retaliation measures/threats and softer risk plays but finding support at 0.6525-30 atm. USDCAD fell to 1.3870 only to rally to 1.3960 on firmer/risk and USD generally but has since retreated to 1.3920 amid firmer oil prices.

    You don't need me to tell you that there's lots going on right now, and the foreseeable future, so don't forget to take advantage of my 1-2-1 mentoring sessions if there's areas of trading these volatile markets or how to make best use of the order boards and expiries, that you might need some further help with.

    Let's continue to be careful out there in all things. Staying safe must be our main priority still.

    Twitter: @MSPFX and @MikePatersonFX

    Interbank rates: 08.43 BST

    GBPUSD 1.2226

    EURUSD 1.0941

    EURGBP 0.8946

    GBPEUR 1.1173

    GBPAUD 1.8721

    GBPCAD 1.7048

    GBPJPY 131.60

    GBPZAR 22.2034

    GBPHKD 9.4788

    USDJPY 107.65

    USDZAR 18.1402

    EURJPY 117.78

    EURCHF 1.0602

    EURHKD 8.4837

    AUDUSD 0.6530

    USDCAD 1.3944

    USDCHF 0.9686

    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