• Pound under pressure again as jury remains out

    Soggy UK data yesterday combined with Brexit/political uncertainty are all combining to undermine the Pound again as I have long warned. Meanwhile elsewhere we've seen a little better risk-sentiment return amid the PBOC acting to support the Yuan after its recent slide.All still very fragile though and we should expect more swings on the riskometer.

    GBPUSD remains on the back foot after yesterday's soggy data and has now broken back down through 1.2700 and the rally-sell strategy is playing out well again. EURGBP has rallied further on the current GBP supply helped by some inherent EUR demand and has posted highs of 0.8933 having finally broken back up through 0.8900-20. GBPJPY remains range-bound.Underpinned again with USDJPY rallying again but sellers, including me, have remained poised.

    I remain GBP bearish overall and continue to rally-sell as my preferred strategy and buy back in the dips amid all the uncertainty/indecision including Brexit. Data risk today at 08.30 GMT brings us the latest UK wages/jobs figures so we will expect the algos to feed off any headlines wide of expectations.

    EURUSD looks underpinned for the moment helped by EURGBP, EURCHF and EURJPY demand. USDJPY saw a hold of 108.30-35 to see another rally to 108.67 amid the PBOC USDCNY adjustment and better risk sentiment. USDCHF remains undermined the EURUSD demand with EURCHF also in tight-range mode but supported by the usual dip demand with the SNB ever casting their shadow.

    AUDUSD is still making its mind up and tightly bound helped by the PBOC-led AUDJPY buying versus some natural sell interest given USD demand and softer gold/weaker data. USDCAD remains on the back foot still amid generally firmer oil prices and decent CAD/JPY demand.

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

    Have a good day out there one and all.

    Twitter: @MSPFX and @MikePatersonFX

    Interbank Rate 07.35 BST

    GBPUSD 1.2680

    EURUSD 1.1316

    EURGBP 0.8923

    GBPEUR 1.1205

    GBPAUD 1.8235

    GBPCAD 1.6816

    USDJPY 108.62

    USDZAR 14.7225

    EURJPY 122.92

    EURCHF 1.1208

    EURHKD 8.7736

    GBPJPY 137.74

    GBPZAR 18.6801

    GBPHKD 9.8308

    AUDUSD 0.6954

    USDCAD 1.3260

    USDCHF 0.9906

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