• Markets struggle again amid uncertain times still

    We're seeing a little risk-off sentiment as European trading gets underway with China warning that the Phase One trade agreement is far from peace and love prevailing. The US took China off their currency manipulator list, the PBOC dropped the CNY reference rate by over 300 pips and the global uncertainty remains. US CPI at 13.30 GMT today's main data risk/focus.

    GBPUSD has mostly traded within the 1.2960-00 range I tweeted about with both levels being defended for the moment.GBP1.1bln in option expiries tomorrow at 1.2960-65 in play. Good two-way business still.EURGBP has been tightly bound within its current 0.8550-0.8600 range with core pairs mostly working in tandem. GBPJPY has failed above 143.00 as risk wobbles and core pairs retreat but still finding dip demand in the tight ranges.

    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 tested 1.1150 after being mostly contained/underpinned by large option expiries yesterday. Another EUR3bln at 1.1100 today will provide additional support again with 1.8bln at 1.1170 capping the topside should 1.1150 break. USDJPY finally broke up through 110.00 but ran into sell interest ahead of the 110.30 resistance.

    EURJPY has also been in tight range amid the variable risk/core pair action but holding 122.30 so far. USDCHF has dip buyers still but sellers currently prevailing again amid the softer risk sentiment

    AUDUSD remains tightly bound with good demand/support at 0.6885 and AUDJPY supply helping sellers while USDCAD has held 1.3050 helped by some CADJPY supply and retreated to test 1.3050 again with oil prices still steady relative to the recent spike/retreat.

    Fickle Forex markets ever prevailing so be ready with your orders as always.

    Have a good day out there one and all.

    Twitter: @MSPFX and @MikePatersonFX

    Interbank rates: 08.10 GMT

    GBPUSD 1.2970

    EURUSD 1.1140

    EURGBP 0.8595

    GBPEUR 1.1635

    GBPAUD 1.8794

    GBPCAD 1.6944

    GBPJPY 142.49

    GBPZAR 17.7047

    GBPHKD 10.0556

    USDJPY 109.92

    USDZAR 14.4267

    EURJPY 122.46

    EURCHF 1.0802

    EURHKD 8.6426

    AUDUSD 0.6897

    USDCAD 1.3072

    USDCHF 0.9697

    Read more...

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  • 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

    Read more...

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  • Nervous markets still as we wait on US jobs data

    Risk sentiment remains wobbly amid claims that it was a Iranian missile that shot down the Boeing 737 last week tragically killing all 170 people on board. US-China trade deal uncertainty emerging again also in the mix along with the on-going Middle East tensions but today's data focus will be on the December US jobs report at 13.30 GMT with median NFP expectations at 160k.

    GBPUSD has seen some good two-way business again as per my tweets and falling further to 1.3015 having finally chewed through the decent 1.3050-60 support/bids after Carney said the BOE would not hesitate to provide stimulus if weakness continues. EURGBP has been tightly bound as GBPUSD fell but EURUSD with on the back foot too and now below 1.1100. GBPJPY has seen good two-way business too amid variable risk appetite and the GBP wobble but helped by USDJPY breaking up through 109.50.

    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 fallen further amid the general USD demand to break the 1.1100 support line but has around 900m option expiry interest there today in play through the NFP release. USDJPY looks underpinned still but equally finding sell interest amid the variable risk sentiment.EURJPY has also been tightly bound amid the USDJPY demand/variable risk. USDCHF has dip buyers above 0.9700 still but sellers also poised again.SNB being ever vigilant.

    AUDUSD has seen a decent rally (all relative these days) to test 0.6885 on better Retail Sales data but those offers holding so far. USDCAD has failed above 1.3100 and retreated to test 1.3050 as oil prices steady again after the spike lower.

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

    Sad times at my beloved Southend United FC with report of players and staff not getting paid and possibility of strike action. All this as we plan to pay tribute at the hallowed Hall tomorrow to former captain Chris Barker who tragically took his own life recently aged just 39. Puts everything in perspective huh?

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

    Twitter: @MSPFX and @MikePatersonFX

    Interbank rates: 08.33 GMT

    GBPUSD 1.3051

    EURUSD 1.1097

    EURGBP 0.8503

    GBPEUR 1.1760

    GBPAUD 1.8994

    GBPCAD 1.7061

    GBPJPY 142.98

    GBPZAR 18.6325

    GBPHKD 10.1184

    USDJPY 109.57

    USDZAR 14.2573

    EURJPY 121.57

    EURCHF 1.0811

    EURHKD 8.6041

    AUDUSD 0.6871

    USDCAD 1.3074

    USDCHF 0.9745

    Read more...

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  • 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

    Read more...

    0 comments

  • Iran retaliates further but FX markets resilient

    Iran launched ballistic missile attacks on two US-led bases in Iraq (casualties unknown) and we saw immediate risk-off plays with USDJPY falling to 107.65 and JPY/CHF pairs sharply lower and gold/oil spiking higher but with markets, and the world, waiting on Trump's response later today it appears,strangely,we have some better risk sentiment prevailing.

    GBPUSD duly retreated yesterday and provided yet another good rally-sell opportunity but equally the dip buyers have enjoyed the move back up too. EURGBP has fallen again as GBPUSD rallies but EURUSD stays undermined to post lows of 0.8454 (GBPEUR up to 1.1828).GBPJPY fell on the Iran strikes to test decent support at 141.00 but since posted 142.85 as risk appetite improves and core pairs rally.

    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 fallen to test the 1.1125 support line I highlighted yesterday and with another EUR1bln+ in expiries today we can expect more support albeit with rally sellers poised as the pair remains tightly bound. USDJPY has rallied from the 107.65 lows to test 108.50 again on some better risk sentiment and the failure to break down through the decent lines at 107.60 even 107.75-80 finally gave way. EURJPY has also found some support again amid the USDJPY demand but sellers remain poised. USDCHF has rallied well too from the post-Iran strike lows of 0.9665 and posted 0.9717. EURCHF has support in the dips too with the SNB being ever vigilant but sellers remain poised on both.

    AUDUSD has fallen again to test 0.6850 on the risk-off AUDJPY supply initially only to rally but still finding additional pressure from the tragic forest-fire devastation. USDCAD remains tightly bound amid the uncertain risk sentiment versus firmer oil price expectations but has now broken up through 1.3000 as oil prices retreat after the overnight spike.

    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: 08.43 GMT

    GBPUSD 1.3150

    EURUSD 1.1135

    EURGBP 0.8467

    GBPEUR 1.1808

    GBPAUD 1.9127

    GBPCAD 1.7089

    GBPJPY 142.58

    GBPZAR 18.7102

    GBPHKD 10.1952

    USDJPY 108.43

    USDZAR 14.2397

    EURJPY 120.73

    EURCHF 1.0810

    EURHKD 8.6341

    AUDUSD 0.6873

    USDCAD 1.2997

    USDCHF 0.9708

    Read more...

    0 comments

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