• FX markets in pause mode again as the jury remains out

    After some decent moves up and down this week we're back in tight ranges again as markets/traders/bots factor in a July rate cut from the Fed (seemingly dependent on data) but as usual now looking further ahead and the uncertainty which that brings. Yesterday's US CPI data had a mixed impact with core readings stronger (all relative) but headline a tad weaker as expected.

    GBPUSD can't get below 1.2500 but equally can't hold above 1.2550 amid the various guessing games going on. EURGBP continues to find dip demand with EURUSD also still better supported in the dips but has also failed at 0.9000 (GBPEUR support at 1.1100) for the moment. GBPJPY sellers remain poised still but equally seeing some decent dip demand now around 135.50 again as USDJPY finds support above 108.00.

    I remain GBP bearish overall still and will continue to rally-sell as my preferred strategy amid all the uncertainty/indecision including Brexit/political fallout.

    EURUSD is still finding dip support into 1.1250 but similarly still finding rally sellers around 1.1280-85 while USDJPY has found support above 108.00 but fragile risk overall also continues to help cap rallies with Yen buyers still poised. USDCHF has also found some expected dip demand but continues to be capped by general CHF demand/EURCHF supply .

    AUDUSD has played a little catch-up game to finally take out the 0.7000 sell interest with Gold still underpinned in the dips too. USDCAD remains tightly bound but on the back foot with firmer oil/softer USD combo keeping rallies capped and now broken down through the decent support/bids at 1.3050 and 1.3030.

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

    England saw off the Aussies in fine style to proceed to the WC final and hopefully the high expectations of our national sporting teams can finally be realised.

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

    Twitter: @MSPFX and @MikePatersonFX

    Interbank Rate 08.22 BST

    GBPUSD 1.2540

    EURUSD 1.1267

    EURGBP 0.8984

    GBPEUR 1.1130

    GBPAUD 1.7911

    GBPCAD 1.6330

    GBPJPY 135.89

    GBPZAR 17.4442

    GBPHKD 9.7220

    USDJPY 108.34

    USDZAR 13.9087

    EURJPY 122.08

    EURCHF 1.1123

    EURHKD 8.7352

    AUDUSD 0.7001

    USDCAD 1.3022

    USDCHF 0.9870


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