• Another week, same uncertainty.

    Friday's US employment data came in some decent jobs growth albeit below expectations but wages were up too and gave the Greenback a decent undertone. Later US Fed Chairman Powell remained cautious but markets are still building in a 25bps cut on 18th September. Weekend Chinese data came in weaker than expected but markets expecting some additional liquidity, as ever, to negate the impact.

    Meanwhile the Brexit/Johnson debacle continues to play out amid the usual smoke and mirrors and today sees another attempt to prevent No-Deal, and the possibility of a General Election still very much in the mix. Johnson visits the Irish PM so look out for some backstop news bombs. This morning's UK GDP data posted a surprise +0.3% with the key Services sector once again providing the good news.

    GBPUSD has been down to test 1.2230 bids/pivot this morning before bouncing to test 1.2300 and we have good two-way still. EURGBP has been up to 0.9016 (GBPEUR down to 1.1091) this morning but now similarly back down to 0.8962 (GBPEUR up to 1.1160) on the GBP bounce.GBPJPY has also seen some good two-way action once again with session lows of 130.80 and currently testing highs of 131.70 helped by the better risk sentiment/stronger Pound combo.

    I remain GBP bearish overall and will continue to rally-sell as my preferred strategy amid all the uncertainty/indecision including Brexit/political fallout but happy to buy back in the dips as always.Rinse and repeat.Still no reason to change my view any time soon. We have turmoil in the UK and once markets see through the smoke and mirrors the picture remains a very fragile one. Some caution required atm ofc.

    EURUSD remains tightly bound around having failed at 1.1060 on Friday ahead of the decent sell interest at 1.1080 and fallen back only to hold around 1.1020. USDJPY found buyers into 106.60 and we've been up to post 107.02 helped by some better risk sentiment. Good sell interest at 107.25-30 should help cap rallies but the pair remains tightly bound for the moment into 106.80.USDCHF has been underpinned around 0.9860 helped by EURCHF demand up to 1.0930.

    AUDUSD continues to find a few buyers above 0.6830 helped by some stronger domestic data offsetting the weaker numbers from China plus AUDJPY demand again but sellers poised into 0.6880 still. USDCAD had some fun n games on Friday amid the better US jobs report providing USD demand but then its own decent jobs and Ivey data giving C$ bulls a helping hand. Highs around 1.3240 in a rush soon gave way to test 1.3180 and then 1.3150-60 support and rallies into 1.3200 have capped there since helped by further CADJPY demand.

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

    Don't forget I offer 1-2-1 mentoring if there's areas of understanding this latest volatility that you might need some further help with.

    Congrats to the Aussies in retaining The Ashes, cricket's greatest prize. Smith has been the main difference but their bowling attack has been impressive and highlighted the cracks in our batting technique/application. Playing for pride now and a 2-2 series draw come Thursday at The Oval.

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

    Twitter: @MSPFX and @MikePatersonFX

    Interbank Rate 08.45 BST

    GBPUSD 1.2282

    EURGBP 0.8981

    EURUSD 1.1032

    GBPEUR 1.1133

    GBPAUD 1.7905

    GBPCAD 1.6165

    GBPJPY 131.32

    GBPZAR 18.1860

    GBPHKD 9.5284

    USDJPY 106.94

    USDZAR 14.7503

    EURJPY 117.97

    EURCHF 1.0921

    EURHKD 8.5587

    AUDUSD 0.6857

    USDCAD 1.3165

    USDCHF 0.9898

    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