• Did someone mention fragile sentiment prevailing ?

    I make no apologies for banging on about it but on-going spats in the US-China trade talks, stand-off on Brexit, increasing tensions in the Middle East are just three scenarios still playing out in financial markets right now and risk-off sentiment continues. It seems the only certainty is the increasing level of uncertainty.

    GBPUSD has finally broken down through support between 1.2980-00 and 1.2960 helped by GBPJPY and GBPCHF supply to test the next tranche at 1.2930, all levels that I have been highlighting,having failed above 1.3030 again. We now wait on UK jobs/wages data at 08.30 GMT but markets mostly focused elsewhere.

    EURGBP dip-buyers have been prevailing again on the GBP supply and the pair has now posted fresh recent highs of 0.8693 (GBPEUR down to 1.1500).GBPJPY has duly retreated once again and remains a key driving force in both directions on the renewed risk-off sentiment/GBP supply which has has also seen USDJPY fall to test 109.00

    I remain GBP bearish overall and continue to rally-sell as my preferred strategy and buy back in the dips amid all the global uncertainty/indecision including Brexit. Plenty more noise to come this week and the algos will continue to feed off the headlines. Someone recently complained that I don't change my view but I'm consistent as least.

    EURUSD continues to find itself tightly bound amid all the EUR/cross activity and good-size option expiry interest with more today at 1.1240 while USDJPY fell to test 109.00 bids/support on the risk-off Yen demand but has staged a decent rally helped by some general USD demand. Definitely a case of rinse and repeat still for now. USDCHF also duly retreated amid the CHF demand and as EURUSD remains underpinned but with EURCHF breaking lower again with the SNB seemingly biding their time but I wouldn't rule out a bit of interest from them at 1.0050 and 1.1280-85.

    AUDUSD has also broken lower with US-China trade concerns ever-present to feed the algos but finding support into 0.6930 support so far while USDCAD is still making its mind up and tightly bound with CAD/JPY two-way business versus firmer oil price-led CAD demand.

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

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

    Twitter: @MSPFX and @MikePatersonFX

    Interbank Rate 08.28

    GBPUSD 1.2937

    EURUSD 1.1233

    EURGBP 0.8688

    GBPEUR 1.1510

    GBPAUD 1.8600

    GBPCAD 1.7403

    GBPZAR 18.4472

    GBPHKD 10.0301

    USDJPY 109.74

    USDZAR 14.2583

    EURJPY 123.25

    EURHKD 8.7143

    GBPJPY 141.82

    AUDUSD 0.6948

    EURCHF 1.1318

    USDCAD 1.3467

    USDCHF 1.0077

    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