• Risk sentiment improves as Trump backs down

    Trump's much awaited reaction to Iran's ballistic missile attacks, or rather lack of it, was already being factored in this time yesterday but confirmation that no retaliatory attacks are to be made has given markets further relief and risk plays/profit-taking have prevailed. Yen and Swiss France selling,oil and gold sharply lower. We should of course welcome the current stand-off in the interests of peace in the Middle East but that doesn't mean the fragility disappears.

    GBPUSD has seen some excellent two-way business in the past 24 hours as per my tweets and falling again to 1.3078 as I type.EURGBP has rallied again to test 0.8500 as GBPUSD falls but EURUSD on the back foot too and tempering gains. GBPJPY has continued to rally again as risk appetite improves and helped by USDJPY breaking up through 109.00

    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. BOE governor Carney speaking this morning on inflation matters so beware.

    EURUSD has fallen further to test the 1.1100 support line amid the general USD relief demand but is likely to still be contained today by large option expiry interest . USDJPY initially failed around 108.80 but then rose through 109.00 on the apparent Trump/Iran stand-off to post highs of 109.35. EURJPY has also found some support again amid the USDJPY demand/better risk.USDCHF has rallied well too and posted 0.9749 but sellers poised.

    AUDUSD has been tightly bound with some good two-way business helped by the AUDJPY demand countering the natural AUD supply atm while USDCAD has enjoyed a move higher on the further oil price retreat but tempered by some CADJPY 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 rates: 08.35 GMT

    GBPUSD 1.3092

    EURUSD 1.1117

    EURGBP 0.8492

    GBPEUR 1.1775

    GBPAUD 1.9073

    GBPCAD 1.7078

    GBPJPY 143.13

    GBPZAR 18.3887

    GBPHKD 10.1487

    USDJPY 109.35

    USDZAR 14.1202

    EURJPY 121.55

    EURCHF 1.0827

    EURHKD 8.6225

    AUDUSD 0.6863

    USDCAD 1.3045

    USDCHF 0.9739

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