• Yen sellers prevail as risk sentiment improves again

    With equity markets in steadier mode and with greater levels of liquidity returning we've seen some improvement in risk appetite and that invariable means Yen sellers having their say. These markets remain fickle though and the jury remains constantly out.

    GBPUSD has been up to 1.2798 helped by some GBPJPY demand again and still remains underpinned for the moment but with Brexit still casting its dubious shadow. EURGBP has retreated to test 0.8950 support lines again (GBPEUR up to 1.1176) as a few Euro sellers re-appear. I remain GBP bearish overall and happy to jump on rallies. A reminder that the Brexit "meaningful vote" is scheduled for 15 Jan but parliament will be debating it from tomorrow so some soundbites already circulating.

    EURUSD failed above 1.1480 with large option expiries at 1.1500 rolling off today. while USDJPY has rallied further on the Yen selling to post 109.08 before running into fresh sellers. USDCHF fell through 0.9800 and had a look at the 0.9780 support area but still finding some degree of support from EURCHF dip demand above 1.1200 with the SNB seemingly ever-watchful as I've been warning.

    AUDUSD continues to look underpinned helped by some AUDJPY demand but tempered by gold slipping back a little while USDCAD has retreated further as oil prices steady and CADJPY buyers return.

    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 08.22 GMT

    GBPUSD 1.2762

    EURUSD 1.1447

    EURGBP 0.8968

    GBPEUR 1.1150

    GBPAUD 1.7898

    GBPCAD 1.6948

    GBPHKD 9.8967

    USDJPY 108.97

    EURJPY 124.74

    GBPJPY 139.06

    AUDUSD 0.7128

    EURCHF 1.1233

    USDCAD 1.3283

    USDCHF 0.9811

    EURHKD 8.8760

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