• Steady risk sentiment brings USD gains

    Chinese and US equity markets are still leading the way and giving FX pairs a firmer risk tone again generally but with some USD gains notable after yesterday's retreat. All ranging though and still very fragile out there though as COVID 19 resurgence fears remain a real threat with Melbourne now announcing a fresh 6 week lockdown.

    GBPUSD finally broke above 1.2500 to test good resistance at 1.2520-30 helped by some GBPJPY demand before retreating and re-sells duly placed. Support coming in at 1.2465-70 again for the moment.

    EURGBP remains underpinned and enjoyed a run higher to 0.9067 amid EURUSD breaking up through 1.1300 and now finding a base at 0.9030 again in the retreat. More support behind at .9000-10 again.GBPJPY has capped around 134.60 a few times but holding 134.00 on the retreat amid the variable risk sentiment overall.

    I stay poised to sell GBP rallies overall and buy back in the dips as ever but patience continues to be a virtue and entry level key as always. I still expect to continue seeing some dip demand but cross-flows and Brexit will produce a mixed bag moving forward.

    USDJPY remains tightly bound between 107.25-75 supported by the better risk sentiment/firmer USD tones but Yen buyers stay poised. EURJPY has found a fresh base at 121.30 but capped at 122.00 and retreated to from whence it came and making its mind up as I type.EURUSD finally broke up through 1.1300 on the firmer risk/softer USD combo ands triggered stops before capping at 1.1345 where yesterday we had large option expiries. No coincidence and we've since been back down to 1.1281 this morning as we continue to range trade with the impact of cross-flows and expiries clearly evident again. USDCHF retreated through 0.9400 to post 0.9385 yesterday as EURUSD rallied but rallying to test 0.9430 now as I type on the firmer USD tones and with the SNB ever vigilant in the dips.

    AUDUSD has had a little reality check on the Melbourne lockdown after failing at 0.7000 with the threat of Chinese economic retaliation still lurking but dip demand expected still with a few bids building now at 0.6930 and 0.6900-15.

    USDCAD held 1.3525-30 and now posting above 1.3580 on its latest rally amid the variable oil/risk/firmer USD combos but still ranging overall in these ever fickle markets.

    Lots going on right now, and the foreseeable future, so don't forget to contact me if there's areas of trading these volatile markets or how to make best use of the order boards and expiries, that you might need some further help with.

    Let's continue to be careful out there in all things. Staying safe must be our main priority still.

    Twitter: @MSPFX and @MikePatersonFX

    Interbank rates: 08.33 BST

    GBPUSD 1.2478

    EURUSD 1.1285

    EURGBP 0.9047

    GBPEUR 1.1055

    GBPAUD 1.7976

    GBPCAD 1.6942

    GBPJPY 134.21

    GBPZAR 21.3700

    GBPHKD 9.6742

    USDJPY 107.55

    USDZAR 17.1283

    EURJPY 121.38

    EURCHF 1.0639

    EURHKD 8.7510

    AUDUSD 0.6941

    USDCAD 1.3577

    USDCHF 0.9427

    Read more...

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  • Markets in positive mood to start the week

    Strong rallies in Chinese equity markets and their highest daily turnovers in 5 years have given markets and FX pairs a bullish risk-on tone again as the glass half-full brigade take control once more in this rollercoaster ride with COVID 19 resurgence fears still a real threat.

    GBPUSD has been up through 1.2500 a number times again helped by some GBPJPY demand but failing to hold gains so far. Support coming in at 1.2465-70 for the moment after a previous hold of 1.2450. EURGBP tested 0.9000 again but hasn't broken and now finding a base at 0.9030 where it failed to breach on previous bounces last week. Support building now at 0.9030 then 0.9000-10 again.

    GBPJPY found a base at 133.80 and enjoyed a decent risk-on rally but capped into 134.75 but now holding 134.20 on the retreat amid some variable risk sentiment in Europe.

    I stay poised to sell GBP rallies overall and buy back in the dips as ever but patience continues to be a virtue and entry level key as always. I still expect to continue seeing some dip demand but cross-flows and Brexit will produce a mixed bag moving forward.

    USDJPY has been tightly bound again between 107.35-75 supported by the better risk sentiment even though Yen buyers stay poised. EURJPY found a decent base at 120.80 but now at a cap at 121.60 after a strong risk-on rally but still looks underpinned as I type. EURUSD has found a base at the pivotal 1.1220 area but capping at 1.1300 again as we continue to range trade with cross-flows clearly evident still. USDCHF has retreated from 0.9470 as EURUSD rallies but with the SNB ever vigilant in the dips and has held 0.9410-15 so far. EURCHF remains tightly bound.

    AUDUSD continues to defy gravity amid the happy-clappy risk-on tones even with rising COVID-19 cases and the NSW/Victoria border now being closed, not to mention the threat of Chinese economic retaliation still lurking. We've been up to look at 0.6980 again and support building now at 0.6950 again.USDCAD failed above 1.3580 on its latest rally but also holding 1.3520 amid the variable oil/risk/USD combos.

    Lots going on right now, and the foreseeable future, so don't forget to contact me if there's areas of trading these volatile markets, or how to make best use of the order boards and expiries, that you might need some further help with.

    Let's continue to be careful out there in all things. Staying safe must be our main priority still.

    Twitter: @MSPFX and @MikePatersonFX

    Interbank rates: 08.50 BST

    GBPUSD 1.2481

    EURUSD 1.1286

    EURGBP 0.9042

    GBPEUR 1.1056

    GBPAUD 1.7919

    GBPCAD 1.6889

    GBPJPY 134.23

    GBPZAR 21.2761

    GBPHKD 9.6765

    USDJPY 107.56

    USDZAR 17.0243

    EURJPY 121.40

    EURCHF 1.0637

    EURHKD 8.7522

    AUDUSD 0.6963

    USDCAD 1.3534

    USDCHF 0.9425

    Read more...

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  • Range trading amid fragile risk sentiment still.

    Yesterday's US NFP data helped risk sentiment a little but the good vibes were shortlived as US coronavirus case rose bt record levels for the third day in a row.

    FX pairs had a ranging day overall amid those large options flows and variable risk, and the theme continues in Europe so far. US on hols today for Indpendence Day celebrations.

    GBPUSD failed above 1.2500 a couple of times but support now coming in at 1.2435 and we are back above 1.2460 as I type.EURGBP tested 0.9000 a couple of times but hasn't broken. Equally it hasn't broken back up through 0.9030 either.GBPJPY capped at 134.75 and now testing 133.80 on the retreat amid softer risk sentiment.

    I stay poised to sell GBP rallies overall and buy back in the dips as ever but patience continues to be a virtue and entry level key as always. I still expect to continue seeing some dip demand but cross-flows and Brexit will produce a mixed bag moving forward.

    USDJPY has been tightly bound again between 107.30-60 amid the variable USD and risk sentiment. EURJPY found a cap at 121.50 and has retreated to 120.70 as I type amid the risk-off plays. EURUSD duly found those 1.1300 offers and large expiries a step too far and failed to hold the early gains above there then retreated back through 1.1250 after expiry time to now post lows of 1.1224. USDCHF held 0.9420 with the SNB ever vigilant in the dips and has rallied to 0.9470 as EURUSD retreats but tempered by some EURCHF supply. USDCHF support now at 0.9450 and seems like a good line developing there.

    AUDUSD duly capped at 0.6950 but held 0.6900 amid those lose large options rolling off at both ends but still looks underpinned albeit ranging. USDCAD failed above 1.3620 and now down to 1.3560 amid the variable oil price and risk sentiment.

    Lots going on right now, and the foreseeable future, so don't forget to contact me if there's areas of trading these volatile markets or how to make best use of the order boards and expiries, that you might need some further help with.

    Let's continue to be careful out there in all things. Staying safe must be our main priority still. Enjoy your week-end.

    Twitter: @MSPFX and @MikePatersonFX

    Interbank rates: 08.35 BST

    GBPUSD 1.2443

    EURUSD 1.1231

    EURGBP 0.9025

    GBPEUR 1.1079

    GBPAUD 1.7945

    GBPCAD 1.6876

    GBPJPY 133.80

    GBPZAR 21.1338

    GBPHKD 9.6602

    USDJPY 107.50

    USDZAR 16.9544

    EURJPY 120.74

    EURCHF 1.0632

    EURHKD 8.7194

    AUDUSD 0.6933

    USDCAD 1.3564

    USDCHF 0.9465

    Read more...

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  • Perky Pound amid firmer risk sentiment

    Seems like the happy-clappy brigade are in charge again for the moment as the woes of the world disappear and the glass is half full again. I don't agree but hey, markets and algos are what they are.

    Patience always a virtue in forex. Today's US NFP data will be keenly awaited, a day early due to the US Independence Day holiday tomorrow. I don't do predictions as you know so just be poised with entry/exit levels and orders and let the algos do the work so you can jump in as suits.

    GBPUSD is enjoying a good run higher amid the risk-on sentiment helped by GBPJPY demand and EURGBP selling now that month-end demand is out of the way. The pair found a good hold around 1.2380 then again at 1.2460 and now posting 1.2508 as I type. I warned yesterday not to get too greedy and I've been warning also about dip demand so I'm happy to sit on the sidelines for the moment. EURGBP has continued its retreat and tested 0.9000 before finding some support as EURUSD popped higher amid some general USD weakness. GBPJPY found a base at 133.00 and has enjoyed the risk-on rally to break 134.00 as USDJPY finds dip demand on the general Yen selling and GBP enjoys the joy ride.

    I stay poised to sell GBP rallies overall and buy back in the dips as ever but patience continues to be a virtue and entry level key as always. I still expect to continue seeing some dip demand but cross-flows and Brexit will produce a mixed bag moving forward.

    USDJPY has been tightly bound between 107.30-60 with the general USD supply tempering the JPY selling while EURJPY found a base at 120.25 and then 120.80 post to 121.27 as I type amid the risk-on plays.

    EURUSD duly found support into 1.1185 again before breaking higher and holding above the 1.2240-50 pivot area to now test 1.1300 offers. Lots of option expiries again today to help keep range contained.USDCHF capped at 0.9500 and fell as EURUSD rallied but holding 0.9420 for the moment with the SNB ever vigilant in the dips to keep a bid under EURCHF.

    AUDUSD duly held 0.6880-85 where we had those large option expiries yesterday and has rallied to test 0.6950 but fell back to look at 0.6900 where we have even larger expiries today as per yesterday's tweet. USDCAD has found a base at 1.3550 again but failing above 1.3600 amid the firmer oil price and risk sentiment with CADJPY demand playing out.

    Lots going on right now, and the foreseeable future, so don't forget to take advantage of my 1-2-1 mentoring sessions if there's areas of trading these volatile markets or how to make best use of the order boards and expiries, that you might need some further help with.

    Let's continue to be careful out there in all things. Staying safe must be our main priority still. .

    Twitter: @MSPFX and @MikePatersonFX

    Interbank rates: 08.50 BST

    GBPUSD 1.2500

    EURUSD 1.1277

    EURGBP 0.9021

    GBPEUR 1.1087

    GBPAUD 1.8038

    GBPCAD 1.6983

    GBPJPY 134.33

    GBPZAR 21.1594

    GBPHKD 9.6913

    USDJPY 107.45

    USDZAR 16.9023

    EURJPY 121.18

    EURCHF 1.0651

    EURHKD 8.7411

    AUDUSD 0.6930

    USDCAD 1.3584

    USDCHF 0.9444

    Read more...

    0 comments

  • A new month but same uncertainty.

    Lots of mixed month/quarter-end flows yesterday as I warned but we didn't get the JPY demand that was reported to be a feature. Perhaps the late-month retreat in equities had an impact in the end even though they finished higher on the final day producing some risk-on sentiment to add to the mix.

    GBPUSD held 1.2250 again and made steady gains into the 4pm London fix and more after helped by the GBPJPY risk-on demand but failed around 1.2400 where I warned yesterday we had larger offers and where we just happen to have GBP510m expiries today and re-sells have duly been placed. EURGBP duly retreated and now testing 0.9050 (GBPEUR up to 1.1040) as month-end demand diminished. I did warn yesterday that "we may have seen most of the rally" and so it proved with GBP generally getting a lift across the board too. My sells previously into 0.9150 and 0.9175 proving prudent. GBPJPY held 132.00 yet again and enjoyed the month-end/risk-on rally to test 134.00 before retreating only to hold 133.00 amid variable risk in Asia/early Europe.

    I stay poised to sell GBP rallies overall and buy back in the dips as ever but patience continues to be a virtue and entry level key as always. I expect to continue seeing some dip demand but cross-flows and Brexit will produce a mixed bag still.

    USDJPY has seen a round trip from 107.55 to 108.16 and back again amid all the month-end mayhem and

    EURJPY has had a round trip of its own from 120.60 to 121.50 and back on the firmer risk sentiment then reality check as USDJPY failed above 108.00.

    EURUSD duly found support into 1.1185 where I warned we had those large option expiries and was contained on the top side by the equally large expiries between 1.1240-50 before breaking higher into the 4pm fix helped by the EURJPY demand but tempered by the EURGBP supply and re-sells duly placed. Support found again around 1.1220 so far.USDCHF capped at 0.9530 and fell as EURUSD rallied but holding 0.9440 still with the SNB ever vigilant in the dips.

    AUDUSD based ar 0.6840 yet again and has needed little encouragement to enjoy a decent risk-on/month -end rally to break 0.6900 and post 0.6917 as I type with large demand building at 0.6880.USDCAD has found a latest base into 1.3550 after a solid retreat from 1.3700 again amid the month-end flows and firmer oil price which saw 90% gains in the latest Quarter.

    Lots going on right now, and the foreseeable future, so don't forget to take advantage of my 1-2-1 mentoring sessions if there's areas of trading these volatile markets or how to make best use of the order boards and expiries, that you might need some further help with.

    Let's continue to be careful out there in all things. Staying safe must be our main priority still. .

    Twitter: @MSPFX and @MikePatersonFX

    Interbank rates: 08.34BST

    GBPUSD 1.2384

    EURUSD 1.1228

    EURGBP 0.9065

    GBPEUR 1.1030

    GBPAUD 1.7924

    GBPCAD 1.6787

    GBPJPY 133.30

    GBPZAR 21.3588

    GBPHKD 9.6013

    USDJPY 107.64

    USDZAR 17.2305

    EURJPY 120.87

    EURCHF 1.0636

    EURHKD 8.7047

    AUDUSD 0.6908

    USDCAD 1.3554

    USDCHF 0.9473

    Read more...

    0 comments

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