• Markets still in a whirl

    More Brexit/UK parliament mayhem has left the Pound mostly underpinned on hopes that No-Deal Brexit will not happen but there is still much uncertainty and outcome yet to play outwith a General Election still on the cards. Meanwhile markets are favouring a little risk-on sentiment but all very fragile still

    GBPUSD held 1.2230 on a couple of rallies but found support at 1.2180 and broke up through 1.2250 only to fail again and retreat before bouncing again this morning to post 1.2285. EURGBP has been in retreat again on the GBP buying and now fallen through 0.9000 to post 0.8978 this morning sending GBPEUR to 1.1129.GBPJPY has also seen some good two-way action but supported now on the USDJPY and GBP demand.Better risk sentiment has once again added to the upside momentum and we've now been up to 130.91.

    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 so pick your levels wisely as i said yesterday.

    EURUSD has made further progress higher but tempered by EURGBP and EURCHF supply versus EURJPY demand on the better risk plays. USDJPY found buyers into 106.00 and we've been back up to test 106.75-80 on the better risk sentiment. Large expiries at 106.25-30 and 106.00 in the mix. USDCHF has been capped by EURUSD rallying again and some EURCHF supply but finding some dip support demand around 0.9800.

    AUDUSD has benefited from confirmation that HK is withdrawing the extradition bill plus AUDJPY demand and has broken up through 0.6800 to test 0.6820-30. The currency will still find sellers though with the China trade talk uncertainty still in play and RBA generally dovish although much of that is now factored in. USDCAD found sellers again helped by some CADJPY demand again as I warned yesterday but currently finding support around 1.3200.

    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 trading this latest volatility, that you might need some further help with.

    Have a good day out there one and all.

    Twitter: @MSPFX and @MikePatersonFX

    Interbank Rate 08.23 BST

    GBPUSD 1.2228

    EURGBP 0.9023

    EURUSD 1.1036

    GBPEUR 1.1080

    GBPAUD 1.7942

    GBPCAD 1.6151

    GBPJPY 130.20

    GBPZAR 18.1555

    GBPHKD 9.4974

    USDJPY 106.48

    USDZAR 14.7902

    EURJPY 117.50

    EURCHF 1.0845

    EURHKD 8.5717

    AUDUSD 0.6815

    USDCAD 1.3208

    USDCHF 0.9827


official partner advert

Proud supporter of


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.


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