• Pound still finding favour

    Yesterday we got the latest UK inflation data which came in stronger than expected and helped lift the Pound. The data is in line with BOE expectations who also see the rate peaking up here between 2.8-3.0% by year end. Despite that there has been plenty of interest rate hike chatter and that will be enhanced if this morning's wages data backs it up.

    The BOE MPC announce their latest decision tomorrow and while there is a chance of an increase in the vote to raise rates I still don't see a hike anytime soon.

    GBPUSD continues to feel the love though and has been up to 1.3316 after holding 1.3200 yesterday. EURGBP selling has also continued down to 0.8982 (GBPUSD up to 1.1134) and overall the currency has extended the recent gains and continues to be the best of a bad bunch.

    EURUSD retreated further to test 1.1920 support but has found dip demand once again to rally and post 1.1995 while USDJPY has been up to post 110.30 as the current trend for Yen weakness prevails with GBPJPY demand also helping the Pound. USDCHF has been up to 0.9612 with EURCHF also in perkier form to rise and reach 1.1500 again.

    The Aussie $ is finding dip demand still with large option contract interest underpinning AUDUSD at 0.8000 while the Canadian $ continues to give up a few of its recent gains.

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

    Have a good day one and all.

    Interbank Rates 07.10 BST

    GBPUSD 1.3303

    EURUSD 1.1988

    EURGBP 0.9011

    GBPEUR 1.1095

    USDJPY 110.04

    AUDUSD 0.8034

    USDCAD 1.2156

    GBPAUD 1.6556

    GBPCAD 1.6174

    GBPCHF 1.2771

    GBPZAR 17.2640

    GBPHKD 10.3138

    EURHKD 9.2959

    GBPSGD 1.7889

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