• More of the same as markets remain fragile

    All the factors I mentioned yesterday are still in play and with risk sentiment still fragile we've seen more roller-coaster action, albeit in tight ranges but with no real outcomes still.

    GBPUSD yesterday held 1.2700 again and has been back up to 1.2812 but down again as I type to post 1.2735 as Brexit and risk-sentiment generally continue to impact. Key US jobs data today at 13.30 GMT can be thrown into the mix for clues on future Fed policy and we should expect some algo-led action at least.

    Immediate offers/sellers around 1.2760 then larger into 1.2780 and 1.2800 again then 1.2820 and 1.2850 still. Bids/demand building now into 1.2730 then 1.2700 and 1.2680 still then 1.2650,1.2630 and 1.2600.I remain GBP bearish overall and happy to jump on rallies then buy back in the dips while remaining core short, a strategy that continues to work well.

    EURGBP remains underpinned and has nudged its way back up to 0.8932 (GBPEUR down to 1.1195) as the GBP selling resumes. Buy interest still around 0.8900, 0.8880, 0.8850 with sellers now at 0.8950 and 0.8980-00 still.

    EURUSD has been tightly bound again with decent option contract expiry interest at 1.1300, 1.1350 and 1.1400 helping to contain.Immediate demand/support now around 1.1350 then 1.1320 and 1.1300 again with sellers poised into 1.1400, 1.1420 and 1.1450 still.

    USDJPY fell further to 112.24 as the Huwaei incident continued to play on risk sentiment but we've since seen a lift back to 112.93 before capping once again. Bids now building again around 112.50 then 112.25-30 and 112.00 with sellers at 113.00 then between 113.20-30 and 113.50 still. I remain a rally seller buying back in the dips with decent 2-way business to be had.

    USDCHF has also fallen to 0.9920 with EURCHF still finding a few sellers and still failing to break higher out of recent range. Sellers remain poised on both even if the SNB will still look to "smooth" the declines.Bids/support still at 1.1280 with USDCHF demand still at 0.9920 then larger into 0.9900. Sellers poised at 1.1320 then 1.1350-60 still with USDCHF supply at 0.9960, 0.9980 then 1.000. I'm happy to trade both sides of the price action at the moment in these tight ranges.

    AUDUSD remains on the back foot and now posted new recent lows of 0.7191 but has since recovered a little poise to post 0.7242 with the large option expiry interest today at 0.7250 in play that I've previously highlighted Sellers still into 0.7250, 0.7280 and 0.7300 with demand into 0.7200 and 0.7180. USDCAD rallied again to post 1.3445 on softer oil and the Huawei arrest implications but has since retreated.Buyers still building at 1.3370 and 1.3350 with sellers poised at 1.3400, 1.3430 and 1.3450.

    Fickle Forex markets ever prevailing so get your orders in to take full advantage of these moves.

    Tomorrow the mighty Shrimpers of Southend United FC travel to historic Portsmouth looking to build on this week's Checkatrade Trophy win at not-so historic Luton, a first win there since 1964 though so history made of sorts!

    So sad to hear of the passing of The Buzzcocks' Pete Shelley who has left us after a heart attack aged just 63. A real force in the days of punk and beyond and a band I had the great pleasure of seeing on many occasions. RIP Pete and thank-you for the music and memories.

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

    Twitter: @MSPFX and @MikePatersonFX

    Interbank Rate 08.45

    GBPUSD 1.2755

    EURUSD 1.1380

    EURGBP 0.8922

    GBPEUR 1.1205

    USDJPY 112.82

    USDCAD 1.3392

    USDCHF 0.9928

    GBPAUD 1.7652

    GBPCAD 1.7070

    GBPCHF 1.2657

    GBPHKD 9.8889

    EURHKD 8.8255

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  • Markets still in second-guessing mode

    Brexit,US-China trade talks, potential US Fed interest rate policy shift and now the arrest in Canada of the CFO of Chinese company Huawei are all part of the messy mix that continues to play out across financial markets.

    GBPUSD has been back up to 1.2798 and down again to test 1.2700 with a lot of flick-flacking in between as Brexit and risk-sentiment generally continue to impact. UK services PMI data yesterday came in weaker than expected and although brushed aside still needs to be included in the mix.This morning PM May has not ruled out delaying next week's Meaningful Vote scheduled for Tuesday.

    Immediate offers/sellers around 1.2730 are currently being tested then more lined up at 1.2750-60 again then 1.2780,1.2800,1.2820 and 1.2850 still. Bids/demand building now into 1.2700 and 1.2680 then 1.2650,1.2630 and 1.2600 still.I remain GBP bearish overall and happy to jump on rallies then buy back in the dips while remaining core short, a strategy that continues to work well.

    EURGBP remains underpinned but tightly bound amid all the fun and games . Buy interest around 0.8900, 0.8880, 0.8850 with sellers now at 0.8920-30 then 0.8950 still.

    EURUSD fell further to lows of 1.1312 only to bounce but fail above 1.1350.Immediate demand/support now around 1.1320 again then 1.1300 and 1.1280 with sellers poised into 1.1360 then 1.1380 and 1.1400.

    USDJPY fell to 112.60 on that Huawei-led risk wobble before some positive US-China trade tones saw a lift back to test 113.20 before once again falling as I type. Bids now at 112.75-80, and still building around 112.50 then 112.30 and 112.00 with sellers between 113.20-30 still and 113.50. I remain a rally seller buying back in the dips with decent 2-way business to be had.

    USDCHF has also rallied before capping with EURCHF underpinned still but also failing to break higher out of recent range. Sellers remain poised on both even if the SNB will still look to "smooth" the declines.Bids/support at 1.1280 with USDCHF demand building between 0.9950-60 then 0.9920-30. Sellers poised at 1.130 then 1.1350-60 still with USDCHF supply at 1.0000 and 1.0020 still. I'm happy to trade both sides of the price action at the moment in these tight ranges.

    AUDUSD has found itself on the back foot helped by more soggy Aussie data and posted new recent lows of 0.7218.Decent bids still at 0.7200 then 0.7180 but the large option expiry interest tomorrow that I've previously highlighted should keep the range relatively contained Sellers now into 0.7250 0.7280 and 0.7300 USDCAD rallied strongly to 1.3398 from 1.3285 as the BOC left interest rates on hold before falling back only to bounce again and post 1.3427 on softer oil and the Huawei arrest implications given that it took place on Canadian soil.Buyers now building at 1.3400 then 1.3370 and 1.3350 with sellers poised at 1.3450 and 1.3500.

    Fickle Forex markets ever prevailing so get your orders in to take full advantage of these moves.

    Have a good day one and all.

    Twitter: @MSPFX and @MikePatersonFX

    Interbank Rate 08.13

    GBPUSD 1.2710

    EURUSD 1.1326

    EURGBP 0.8910

    GBPEUR 1.1221

    USDJPY 113.05

    USDCAD 1.3409

    USDCHF 0.9983

    GBPAUD 1.7593

    GBPCAD 1.7046

    GBPCHF 1.2697

    GBPHKD 9.8541

    EURHKD 8.7813

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  • Pound falls again as May loses Commons votes

    It was always going to be a lively 24 hours for all things Brexit and yesterday evening May & Co lost three votes in the House of Commons, not least of which was being found guilty of contempt of parliament in failing to produce the full Brexit legal advice. Cue further falls in the Pound with more fun and games to come today

    From highs yesterday morning of 1.2839 GBPUSD has been down to 1.2659,levels not seen since June last year but has since been back up to 1.2729 as traders remain a little cautious on what it all means moving forward. Is this all leading to a No Deal Brexit (GBP negative initially at least) or No Brexit at all (GBP positive but amid political turmoil).Today the full Brexit legal advice will be published at 11.30 GMT and the Commons will continue to debate May's "deal" every day this week ahead of next Tuesday's key vote. UK services PMI data at 09.30 GMT will be keenly awaited given the sector's 80+% contribution to GDP. Algos will feed off anything unexpected before attention returns to all things Brexit.

    Immediate offers/sellers between 1.2720-30 are currently being tested then more lined up at 1.2750,1.2780 and 1.2800 with further interest at 1.2820 then 1.2850 still. Bids/demand now into 1.2700 and 1.2680 then 1.2650,1.2630 and 1.2600 still.I remain GBP bearish overall and happy to jump on rallies then buy back in the dips while remaining core short, a strategy that continues to work well.

    EURGBP remains underpinned and has rallied again to post 0.8942 (GBPEUR down to 1.1183) before falling back (again)to 0.8905 as I type. Buy interest at 0.8900, 0.8880, 0.8850 with sellers now at 0.8920, 0.8935 then 0.8950 still.

    EURUSD failed into the 1.1420 offers I've been highlighting and fell to lows of 1.1320 amid some general US$ demand.Immediate demand/support now around 1.1320 still then 1.1300 and 1.1280 with sellers poised into 1.1360 then 1.1380 and 1.1400.

    USDJPY fell further to test the support at 112.50 I highlighted yesterday before the return of some US$ buying saw it back up to 113.12 this morning before capping. Bids now at 112.80, 112.65 and still building around 112.50 then 112.30 and 112.00 with sellers between 113.20-30 and 113.50. I remain a rally seller buying back in the dips with decent 2-way business to be had.

    USDCHF has also rallied to test 1.0000 before capping with EURCHF underpinned but also capped still around 1.1350. Sellers remain poised on both though even if the SNB will still look to "smooth" the declines.Bids/support still at 1.1300 and 1.1280 with USDCHF demand building between 0.9960 then 0.9920-30. Sellers poised at 1.1350-60 still and 1.1380 with USDCHF supply at 1.0000 and 1.0020. I'm happy to trade both sides of the price action at the moment in these tight ranges.

    AUDUSD found itself stuck around 0.7370 helped by large option expiry interest but has since tumbled to post 0.7282 helped by weak Aussie data.Decent bids now still at 0.7280 with larger interest at 0.7250 helped by large option interest rolling off on Friday. Sellers now between 0.7320-30 and 0.7350.USDCAD has rallied strongly on a firmer US$/softer oil price double whammy with buyers now building at 1.3250 then 1.3230 and 1.3200 with sellers poised at 1.3300, 1.3320 and 1.3350.

    Fickle Forex markets ever prevailing so get your orders in to take full advantage of these moves. Volatility is likely with US markets are closed today in respect of former-President Bush Senior's state funeral.

    Have a good day one and all.

    Twitter: @MSPFX and @MikePatersonFX

    Interbank Rate 07.58

    GBPUSD 1.2698

    EURUSD 1.1325

    EURGBP 0.8916

    GBPEUR 1.1211

    USDJPY 113.08

    USDCAD 1.3289

    USDCHF 0.9998

    GBPAUD 1.7411

    GBPCAD 1.6876

    GBPCHF 1.2696

    GBPHKD 9.8448

    EURHKD 8.7813

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  • Softer Greenback and Brexit the main themes again

    More dovish talk from the US Federal Reserve and the on-going Brexit concerns have both been combining to produce some decent moves in the past 24 hours albeit still in recent ranges.

    GBPUSD has been back down to test 1.2700 but this morning has been back up to 1.2842 after the ECJ Advocate General opined that the UK could in theory reverse Article 50 but the issue still remains a little fuzzy to say the least with the ECJ final ruling still be issued. Yesterday's appearance in the Commons from Attorney General Geoffrey Cox regarding the legal advice that May & Co received over Brexit has now resulted in Speaker of the House Bercow agreeing to a contempt-of-parliament challenge. Meanwhile the Commons will debate May's "deal" every day this week ahead of next Tuesday's Meaningful Vote.

    Immediate offers into 1.2850 still then 1.2880,1.2900 ,1.2920 and 1.2950 with bids/demand now into 1.2800, 1.2780, and 1.2750 then 12720 and 1.2700.I remain GBP bearish overall and happy to jump on rallies then buy back in the dips while remaining core short, a strategy that continues to work well.

    EURGBP remains underpinned and has rallied again to post 0.8945 (GBPEUR down to 1.1180) before falling back to 0.8905 on this morning's GBP rally. Buy interest at 0.8900, 0.8880, 0.8850 with sellers now at 0.8925-30 then 0.8950 still.

    EURUSD has rallied further to test the 1.1420 offers before capping with more behind that at 1.1450 again.Immediate demand/support now around 1.1380 then 1.1350.

    USDJPY has fallen further to break down through 113.00 to post lows of 112.73 amid the softer US$ sentiment. Bids still building around 112.50 then 112.30 and 112.00 with sellers into 113.00 then 113.30 and 113.50. I remain a rally seller buying back in the dips with decent 2-way business to be had.

    USDCHF has also fallen to test 0.9930 with EURCHF underpinned but capped still around 1.1350. Sellers remain poised on both though even if the SNB will still look to "smooth" the declines.Bids/support still at 1.1300 and 1.1280 with USDCHF demand building between 0.9920-30 then 0.9900 again. Sellers poised at 1.1350-60 still and 1.1380 with USDCHF supply at 0.9980 then 1.0000. I'm happy to trade both sides of the price action at the moment in these tight ranges.

    AUDUSD remains underpinned around 0.7350 but similarly failing to clear 0.7400.Last night the RBA left interest rates on hold at 1.5% as expected.Decent bids now at 0.7350 then 0.7320 and 0.7300 still with sellers at 0.7400, 0.7420 and 0.7450. USDCAD has steadied a little after the recent fall. Buyers now building at 1.3150 then 1.3120 and 1.3100 with sellers poised at 1.3200, 1.3220 and 1.3250.

    Fickle Forex markets ever prevailing so get your orders in to take full advantage of these moves.

    Have a good week out there one and all.

    Twitter: @MSPFX and @MikePatersonFX

    Interbank Rate 09.15

    GBPUSD 1.2810

    EURUSD 1.1392

    EURGBP 0.8895

    GBPEUR 1.1239

    USDJPY 112.85

    USDCAD 1.3175

    USDCHF 0.9953

    GBPAUD 1.7337

    GBPCAD 1.6868

    GBPCHF 1.2742

    GBPHKD 9.9316

    EURHKD 8.8360

    Read more...

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  • A little risk returns after G20 but markets still fragile

    We're not breaking out of recent ranges but there's been a little risk-positive sentiment return post-G20 on some upbeat tones from the US-China trade talks. Some general USD selling currently prevailing as European trading gets underway with Brexit still hogging a lot of the headlines.

    GBPUSD continues to hold around 1.2720-30 and this morning has been up to 1.2824 on the risk-on/USD selling combo but the rally was once again short-lived with the pair retreating again as I type. Big week coming up on all things Brexit and that kicks off today in parliament when Attorney General Geoffrey Cox makes a statement on the legal advice that May & Co received.He will only reveal a reduced version though and that understandably is causing some concern and anger on all sides.His statement to the House of Commons will be followed by five days of debate on the deal.

    Immediate offers between 1.2820-30 then 1.2850, 1.2880 and 1.2900 again with bids/demand now into 1.2780, and 1.2750 then the decent line at 1.2720-30 still and larger at 1.2700, 1.2680 and 1.2650.I remain GBP bearish overall and happy to jump on rallies then buy back in the dips while remaining core short, a strategy that continues to work well.

    EURGBP understandably fell back a little after the month-end rally assistance but remains underpinned at 0.8850 with larger buy interest at 0.8830 and 0.8800 still. Sellers now at 0.8900 then 0.8920 still and 0.8950.

    EURUSD has also capped again, this time at 1.1380 but equally continues to find dip demand amid all the variables out there right now. Decent offers at 1.1380 then 1.1400 and 1.1420 still with more behind that at 1.1450 again.Immediate demand/support now around 1.1350 then 1.1330 and 1.1300 again.

    USDJPY is also still tightly bound between 113.30-80 with the initial post-G20 rally being sold into once again. Bids building still building between 113.20-30 that I've been highlighting then 113.00 and 112.80 with sellers into 113.60 then 113.80 and 114.00 still. I remain a rally seller buying back in the dips with decent 2-way business to be had.

    USDCHF rallied again but failed at 1.0000 area with EURCHF also rising but capping at 1.1350. Sellers remain poised on both though even if the SNB will still look to "smooth" the declines.Bids/support now at 1.1300 and 1.1280 with USDCHF demand building between 0.9950-60 then 0.9930 and 0.9900 again. Sellers poised at 1.1350-60 still as I warned on Friday and 1.1380 with USDCHF supply at 1.0000 and 1.0020 again. I'm happy to trade both sides of the price action at the moment in these tight ranges.

    AUDUSD spiked on the Asian opening with the US-China trade feelgood vibe prevailing but has capped at 0.7400. Decent bids now at 0.7350 then 0.7320 and 0.7300 still with sellers at 0.7400, 0.7420 and 0.7450. USDCAD has fallen back to 20 November lows of 1.3160 on the USD selling and generally higher oil prices. Buyers now lining up at 1.3150 then 1.3120 and 1.3100 with sellers poised at 1.3200, 1.3220 and 1.3250.

    Fickle Forex markets ever prevailing so get your orders in to take full advantage of these moves.

    On Saturday the FA Cup dream disappeared once again for the currently not-so mighty Shrimpers of Southend United amid an indifferent display and awful refereeing. Hey ho, now we can focus on other matters. Onwards and upwards always!

    Have a good week out there one and all.

    Twitter: @MSPFX and @MikePatersonFX

    Interbank Rate 08.22

    GBPUSD 1.2802

    EURUSD 1.1363

    EURGBP 0.8878

    GBPEUR 1.1262

    USDJPY 113.48

    USDCAD 1.3167

    USDCHF 0.9970

    GBPAUD 1.7332

    GBPCAD 1.6848

    GBPCHF 1.2758

    GBPHKD 9.9254

    EURHKD 8.8132

    Read more...

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