• Pound suitably unfazed by latest Brexit extension

    The EU have granted an extension to Brexit as expected and while not as long as some hoped it's more than May pitched for and suggests the EU are desperate for her to get their deal through parliament.

    -A Brexit extension "only as long as necessary" and "no longer than 31 October" to allow for the ratification of the Withdrawal Agreement

    -The UK "must hold the elections to the European Parliament" and if it fails to do this, the UK will leave on 1 June

    -The European Council reiterates there can be no reopening of the withdrawal agreement negotiations

    In other news the ECB duly left interest rates on hold with dovish tones and the FOMC Minutes confirmed the US too are concerned with the fragile state of affairs right now.

    GBPUSD has been understandably tightly bound and two-way business continues. Yesterday saw a test of the 1.3120 resistance area a couple of times but similarly we have held 1.3050 on the retreats.

    EURGBP also remains tightly bound but underpinned by the GBP supply/EUR demand scenario.

    I remain GBP bearish overall and continue to rally-sell as my preferred strategy but I continue to respect the two-way business amid the Brexit chaos. Plenty more to come now in the weeks ahead and the algos will continue to feed off the headlines.

    EURUSD continues to trade tightly but underpinned still following the ECB's expected tones after a dip into the 1.1220-30 support but holding as per my tweets. USDJPY is still going nowhere in a hurry on the mixed risk sentiment/USD uncertainty but yesterday we had a further dip to look at the 110.80 bids/support.

    USDCHF remains underpinned as EURUSD ranges tightly and EURCHF finds support now around 1.1280 as the SNB remain ever-watchful and we've now seen fresh highs.

    AUDUSD remains range bound but underpinned with large option expiries at 0.7100 and 0.7125 again today while USDCAD remains tightly bound too amid the USD and oil uncertainty.

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

    I will aim to send an update tomorrow morning before I head away for my long week-end break as previously notified.

    Have a good day out there one and all.

    Twitter: @MSPFX and @MikePatersonFX

    Interbank Rate 08.14 BST

    GBPUSD 1.3072

    EURUSD 1.1281

    EURGBP 0.8617

    GBPEUR 1.1590

    GBPAUD 1.8278

    GBPCAD 1.7460

    GBPZAR 18.2227

    GBPHKD 10.1347

    USDJPY 111.14

    EURJPY 125.40

    EURHKD 8.7443

    GBPJPY 145.50

    AUDUSD 0.7161

    EURCHF 1.1304

    USDCAD 1.3340

    USDCHF 1.0020

    Read more...

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  • Brexit still grabbing the headlines as EU summit looms

    Yes folks, with the next Brexit date only 2 days away we have May pitching up at Brussels today to gain support for an extension. Tusk has already offered some generous tones for a flexible 12 month deal but all 27 EU nations have to agree. Either way we should have an answer later today but the uncertainty and shambles will continue.

    Before that we have a raft of UK economic data at 09.30 GMT. Elsewhere the ECB announce their latest interest rate decision at 12.30 BST with the all important presser at 13.30 BST. No significant changes expected but as always the algos will feed off any comments even slightly off the page.

    GBPUSD has been understandably tightly bound and good two-way business continues. Yesterday saw a test of the 1.3120 resistance area after rumours of a 5year extension preference from Merkel. The rumours were denied shortly after and the reality check retreat saw a test of 1.3050 before finally testing 1.3030 again before rallying.EURGBP failed around 0.8650 again but still finding dip demand between 0.8600-10 (GBPEUR resistance 1.1630) .

    I remain GBP bearish overall and continue to rally-sell as my preferred strategy but I continue to respect the two-way business amid the Brexit chaos. Plenty more to come today/this week and the algos will continue to feed off the headlines.

    EURUSD continues to trade tightly contained by large option interest. Don't forget that these expiries will be in play still throughout the ECB presser. USDJPY is still going nowhere in a hurry on the mixed risk sentiment/USD uncertainty but yesterday we had a further dip to look below 111.00 briefly.

    USDCHF has also been tightly bound but still underpinned as EURUSD ranges tightly and EURCHF finds support now around 1.1250 as the SNB remain ever-watchful.

    AUDUSD remains range bound but underpinned with large option expiries at 0.7100 and 0.7125 today while USDCAD remains tightly bound too amid the USD and oil uncertainty.

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

    As always I wish you good trading and I hope my updates/tweets are helping.Let's continue to be careful out there and don't get greedy. I will aim to send an update later when we know the outcome from Brussels and also add post-ECB thoughts/levels.

    Have a good day out there one and all.

    Twitter: @MSPFX and @MikePatersonFX

    Interbank Rate 08.24 BST

    GBPUSD 1.3068

    EURUSD 1.1271

    EURGBP 0.8623

    GBPEUR 1.1593

    GBPAUD 1.8280

    GBPCAD 1.7408

    GBPZAR 18.3369

    GBPHKD 10.1316

    USDZAR 14.0433

    USDJPY 111.16

    EURJPY 125.30

    EURHKD 8.7394

    GBPJPY 145.26

    AUDUSD 0.7147

    EURCHF 1.1276

    USDCAD 1.3322

    USDCHF 1.0005

    Read more...

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  • US Dollar generally softer but still going nowhere in a hurry

    More of the same as Day 2 of this latest week gets underway with Brexit and US-China trade talks still grabbing the headlines. Today it's case of the 3Ms as May meets Macron and Merkel to find a way out of the deadlock. A little risk-off sentiment notable too.

    GBPUSD held the 1.3020-30 support area and we've seen a steady climb since to test 1.3100 before failing.Good two-way business still while EURGBP failed into 0.8650 (GBPEUR support at 1.1560) with the GBP dip-demand and EURUSD failing into 1.1280.

    I remain GBP bearish overall and continue to rally-sell as my preferred strategy but I continue to respect the two-way business amid the Brexit chaos. Plenty more to come this week and the algos will continue to feed off the headlines.

    EURUSD continues to trade tightly but underpinned yesterday by the large option interest at 1.1220-25 but we've failed into the 1.1280 selling interest. USDJPY is still going nowhere in a hurry on the mixed risk sentiment/USD uncertainty. USDCHF has also been tightly bound but still underpinned as EURUSD ranges tightly and EURCHF finds support now around 1.1220 as the SNB remain ever-watchful.

    AUDUSD remains underpinned but range bound with large option expiries at 0.7150 again today while

    USDCAD has been in steady retreat amid the softer US$ and with oil prices holding steady.

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

    Housekeeping note: I am away for a long-planned short break this Friday 12th through to Monday 15th inc. I am working on a plan to get my update to you on Friday, as I am mindful that currently it's still a potential Brexit date, but definitely not on the Monday. Thank-you for your understanding.

    Have a good day out there one and all.

    Twitter: @MSPFX and @MikePatersonFX

    Interbank Rate 07.36 BST

    GBPUSD 1.3070

    EURUSD 1.1262

    EURGBP 0.8614

    GBPEUR 1.1604

    GBPAUD 1.8305

    GBPCAD 1.7396

    USDJPY 111.34

    USDZAR 14.0511

    EURJPY 125.42

    EURHKD 8.7325

    GBPJPY 145.57

    GBPZAR 18.3411

    GBPHKD 10.1332

    AUDUSD 0.7141

    EURCHF 1.1248

    USDCAD 1.3306

    USDCHF 0.9987

    Read more...

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  • All ranging still as a new week gets underway

    Friday's US labour report showed stronger employment numbers but softer wages and with Trump once again calling for lower interest rates the Greenback remains in mixed mode. The Pound is also chasing its tail as the next Brexit deadline looms on Friday with seemingly no progress made on any front.

    GBPUSD had a quick dip below 1.3000 again on Friday but we've seen a steady climb since before failing at 1.3072. Good two-way business still.EURGBP rallied on the Pound's fall but failed around 0.8630 (GBPEUR support 1.1585) before retreating and holding 0.8590 so far (1.1640).

    I remain GBP bearish overall and prefer to rally-sell as my preferred strategy but I continue to respect the two-way business amid the Brexit chaos. Plenty more to come this week and the algos will feed off any headlines.

    EURUSD continues to trade tightly after another failure around 1.1250 on Friday and support at 1.1200. USDJPY is also going nowhere in a hurry on the mixed risk sentiment/data combo and ranging 111.30-80 for the moment.USDCHF has also been tightly bound with those 0.9960 bids still helping to underpin as EURUSD ranges tightly and EURCHF finds support around 1.1200 still with the SNB remain ever-watchful.

    AUDUSD remains range bound with large option expiries at 0.7150 today and support at 0.7080. USDCAD has also been making its mind still as the general uncertainty continues amid variable oil prices and CADJPY action.

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

    The Shrimpers of Southend travelled north on Saturday under new management and duly responded with a well-earned point albeit having sadly given up a 2-1 lead. Every game crucial now but none more so than the next two and we'll keep believing we can stay up.

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

    Twitter: @MSPFX and @MikePatersonFX

    Interbank Rate 08.28 BST

    GBPUSD 1.3056

    EURUSD 1.1226

    EURGBP 0.8597

    GBPEUR 1.1630

    GBPAUD 1.8395

    GBPCAD 1.7465

    GBPZAR 18.4553

    GBPHKD 10.1223

    USDJPY 111.45

    USDZAR 14.1337

    EURJPY 125.12

    EURHKD 8.7036

    GBPJPY 145.52

    AUDUSD 0.7100

    EURCHF 1.1221

    USDCAD 1.3377

    USDCHF 0.9996

    Read more...

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  • Round and round and up and down we go again

    As we close out another week, we're no closer to any agreements on Brexit, trade or other issues going on in this fragile world of ours. FX markets therefore continue to trade tightly. US jobs and wages the major data risk today at 12.30 GMT.

    GBPUSD once again capped around 1.3190 where I duly resold then broke down through the 1.3120 support/pivot area that I've highlighted, to head lower taking out the support at 1.3100 and 1.3080 but stalling bang on the next tranche at 1.3060. A nice move down before moving back up to test 1.3120-30 pivot on talk that Tusk/EU might offer an olive branch of a 12 month Brexit extension.EURGBP held 0.8530 and rallied to test 0.8600 as the Pound fell.

    I remain GBP bearish overall and continue to rally-sell as my preferred strategy but I continue to respect the two-way business amid the Brexit chaos.

    EURUSD failed around 1.1250 again where I've highlighted good sell interest for a while now but equally holding 1.1200 on the retreat. USDJPY is also trading tightly but remains underpinned.

    USDCHF has also been tightly bound with those 0.9960 bids still helping to underpin as EURUSD finds a few buyers and EURCHF finds support around 1.1200 with the SNB remain ever-watchful.

    AUDUSD also remains range bound with large option expiries at 0.7100 today while USDCAD has also been tightly bound as the general uncertainty continues amid variable oil prices and CADJPY action.

    Fickle Forex markets ever prevailing so be ready with your entry/exit levels and orders as always. My birthday today and I'm heading out shortly so please contact your rate providers directly should you need to trade.

    The fragile Shrimpers make the long journey north to Fleetwood tomorrow in desperate search of at least a point under new manager Kevin Bond and his mentor Harry Redknapp. Strange but true. Let's hope this gamble works with 6 games left.

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

    Twitter: @MSPFX and @MikePatersonFX

    Interbank Rate 07.38 BST

    GBPUSD 1.3112

    EURUSD 1.1234

    EURGBP 0.8569

    GBPEUR 1.1668

    GBPAUD 1.8390

    GBPCAD 1.7501

    GBPZAR 18.4435

    GBPHKD 10.1657

    USDJPY 111.67

    USDZAR 14.0780

    EURJPY 125.45

    EURHKD 8.7125

    GBPJPY 146.38

    AUDUSD 0.7127

    EURCHF 1.1230

    USDCAD 1.3352

    USDCHF 0.9996

    Read more...

    0 comments

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