• Pound wobbles again as another BOE MPC member hints at rate cuts

    We've seen another fall in the Pound as MPC member Vlieghe adds his voice to last week's growing view that interest rate cuts looking increasingly likely if UK economic data does not improve. Ever thus in my long-held view and when you add Brexit uncertainty into the mix we're witnessing another reality check.UK GDP data just out was weaker but as largely expected so we've seen limited reaction post-release but the Pound will remain under pressure as per my earlier update.

    Market sentiment is brushing aside US-Iran tensions for the moment as focus turns to the signing of the US-China trade deal Phase One this Wednesday. Global uncertainty remains but for the moment we're seeing some general USD demand with USDJPY rising to 109.87, not seen since May 2019.

    GBPUSD has broken down through 1.3000 for the first time in over two weeks after failing at 1.3050 in Asia and providing good re-sell opportunity. We've seen lows of 1.2960 post-data.EURGBP has been on the rise too as GBP falls to post 0.8577 (GBPEUR down to 1.1660).GBPJPY has fallen amid variable risk appetite and the GBP wobble but helped by USDJPY breaking up through 109.75-80.

    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 steadied back above 1.1100 support line with EUR 1.65bln in option expiry interest there today. while USDJPY looks underpinned still and now taken out that barrier option interest at 109.80 which has helped cap rallies since November.EURJPY has also been on the rise amid the USDJPY and EURUSD demand and posted 122.31. USDCHF has buyers still with the SNB being ever vigilant but sellers also poised again.

    AUDUSD remains underpinned with support from AUDJPY demand but tempered above 0.6920 by the Gold price retreating again while USDCAD has failed around 1.3080 helped by some CADJPY demand and retreated to test 1.3050 again with oil prices steadying too.

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

    Don't forget that I offer 1-2-1 mentoring if there's areas of trading these tight ranges, or how to make best use of the order boards and expiries, that you might need some further help with.

    A point gained by the more spirited Shrimpers on Saturday but two points dropped on balance of play in what was a turgid game between two struggling sides. A minutes silence and round of applause though in honour of former player/captain Chris Barker who tragically took his own life recently aged just 39. A reminder to us all that winning football matches isn't all that matters.

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

    Twitter: @MSPFX and @MikePatersonFX

    Interbank rates: 09.35 GMT

    GBPUSD 1.2977

    EURUSD 1.1120

    EURGBP 0.8573

    GBPEUR 1.1672

    GBPAUD 1.8793

    GBPCAD 1.6947

    GBPJPY 142.55

    USDJPY 109.82

    EURJPY 122.13

    EURCHF 1.0820

    AUDUSD 0.6907

    USDCAD 1.3057

    USDCHF 0.9730

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