• Markets struggle again amid uncertain times still

    We're seeing a little risk-off sentiment as European trading gets underway with China warning that the Phase One trade agreement is far from peace and love prevailing. The US took China off their currency manipulator list, the PBOC dropped the CNY reference rate by over 300 pips and the global uncertainty remains. US CPI at 13.30 GMT today's main data risk/focus.

    GBPUSD has mostly traded within the 1.2960-00 range I tweeted about with both levels being defended for the moment.GBP1.1bln in option expiries tomorrow at 1.2960-65 in play. Good two-way business still.EURGBP has been tightly bound within its current 0.8550-0.8600 range with core pairs mostly working in tandem. GBPJPY has failed above 143.00 as risk wobbles and core pairs retreat but still finding dip demand in the tight ranges.

    I stay poised to sell GBP rallies and buy back in the dips as ever but still see some good two-way business as we continue in these tight ranges..

    EURUSD has tested 1.1150 after being mostly contained/underpinned by large option expiries yesterday. Another EUR3bln at 1.1100 today will provide additional support again with 1.8bln at 1.1170 capping the topside should 1.1150 break. USDJPY finally broke up through 110.00 but ran into sell interest ahead of the 110.30 resistance.

    EURJPY has also been in tight range amid the variable risk/core pair action but holding 122.30 so far. USDCHF has dip buyers still but sellers currently prevailing again amid the softer risk sentiment

    AUDUSD remains tightly bound with good demand/support at 0.6885 and AUDJPY supply helping sellers while USDCAD has held 1.3050 helped by some CADJPY supply and retreated to test 1.3050 again with oil prices still steady relative to the recent spike/retreat.

    Fickle Forex markets ever prevailing so be ready with your orders as always.

    Have a good day out there one and all.

    Twitter: @MSPFX and @MikePatersonFX

    Interbank rates: 08.10 GMT

    GBPUSD 1.2970

    EURUSD 1.1140

    EURGBP 0.8595

    GBPEUR 1.1635

    GBPAUD 1.8794

    GBPCAD 1.6944

    GBPJPY 142.49

    GBPZAR 17.7047

    GBPHKD 10.0556

    USDJPY 109.92

    USDZAR 14.4267

    EURJPY 122.46

    EURCHF 1.0802

    EURHKD 8.6426

    AUDUSD 0.6897

    USDCAD 1.3072

    USDCHF 0.9697

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