• ECB meeting in focus

    North Korea concerns notwithstanding market focus has been on the latest interest rate/policy decision from the European Central Bank today.

    Traders are now less keen on the idea that we will see any hawkish tones about tapering QE. Rumours from "ECB sources" now suggest this change of tack will not happen until December given the lack of prevailing inflation, a problem that is also preventing the US Fed to hike rates as promised.

    After Tuesday's Euro wobble yesterday's saw some demand in the dips but without any really convincing/sustained rally.EURUSD has remained underpinned but failed into 1.1950 again and running into fresh sellers.EURGBP found support at 0.9130 and rallied to 0.9165 (GBPEUR down to 1.0912) before retreating back and that move lower helped underpin GBPUSD above 1.3020. Overall the Pound has also held recent gains. All eyes now on the ECB with the interest rate announcement at 12.45 BST ( no change expected) and the all press conference at 13.30 BST where markets will hang on to Draghi's every word.

    USDJPY has fallen again to 108.90 after failing around 109.50 with USDCHF also back down to 0.9545 after failing to recover over 0.9600 with NK tensions still providing Yen and Swiss Franc safe-haven demand.

    The Aussie $ continues to find dip demand but rally sellers too which is keeping AUDUSD contained around 0.8000. The Canadian $ rallied strongly yesterday on the Bank of Canada interest rate hike by 0.25% that I had warned of in recent posts.

    Fragile times still prevailing will continue to produce volatility so don't forget to place your orders to maximize gains/minimize losses.

    I'll be off to Lords later for the WI Test after the ECB announcement but will be contactable on my mobile should you need me.

    Have a good day out there one and all.

    Interbank Rates 06.35 BST

    GBPUSD 1.3042

    EURUSD 1.1923

    EURGBP 0.9138

    GBPEUR 1.0942

    USDJPY 109.03

    AUDUSD 0.7989

    USDCAD 1.2224

    GBPAUD 1.6329

    GBPCAD 1.5949

    GBPCHF 1.2475

    GBPZAR 16.7010

    GBPHKD 10.1115

    EURHKD 9.2410

    GBPSGD 1.7576

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