• More Brexit feel-good for the Pound but jury still out

    Conciliatory/optimistic comments from the EU on Brexit on Friday evening and Saturday have seen a few GBP buyers return but sellers have been jumping back in too in Asia and early European trading. Friday's US$ non-farm payroll and wages data brought little of consequence but trade war concerns still linger.

    GBPUSD had originally held the 1.3060 pivot area but late in NY jumped up on Juncker's comments to test the 1.3130 level which was one of the sell areas I mentioned in Friday's updates. We're currently back on retreat lows of 1.3074 as European traders enter the fray helped by EURGBP bouncing off support around 0.8770. Sellers now around 1.3100 then larger still around 1.3130 and 1.3150 with more between 1.3180-00. Immediate demand now around the 1.3060 pivot then more at 1.3030-35 and larger at 1.3000 then 1.2980 and 1.2960. I remain a GBP rally seller while respecting the current demand helped by some M&A flows in recent days but Brexit is a long way from being settled still.

    EURGBP has broken down further on the GBP demand to post lows of 0.8772 (GBPEUR up to 1.1402) but currently bouncing back to look at 0.8800 (GBPEUR 1.1365). Bids now around 0.8770 and 0.8750.Sellers poised around 0.8800 then 0.8830 and 0.8850. Currently happy to sit and watch this pair from the sidelines still with Euro variables also in play.

    EURUSD has been up to test 1.1530 again but sellers prevailed once more and currently back below 1.1500. Large option contracts expiring today at 1.1450 will lend support.Immediate bids/support now at 1.1480 then between 1.1450-60 still, 1.1430 and 1.1400 with sellers still poised into 1.1530 then 1.1550-60, 1.1580 and 1.1600

    USDJPY remains contained with bids still building around 113.50 then more between 113.20-30 and 113.00. Sell interest around 114.00 still then 114.20, 114.50, 114.70-75 and the key 115.00 area. i remain a rally seller. USDCHF has also traded tightly as the jury remains out on the Greenback and the finger pointing to some assistance from the SNB in recent times. EURCHF demand now around 1.1380 then 1.1360 and 1.1320.Sellers at 1.1430,1.1450 then larger between 1.1480-1.1500. USDCHF bids at 0.9900, 0.9880, 0.9860 and 0.9830 with sell interest around 0.9960 then 0.9980-00. I remain a dip buyer on both.

    AUDUSD remains on the back foot undermined by concerns over the US-China trade spat to post fresh lows of 0.7043 and Aussie$ rallies remain weak. Immediate demand at 0.7030 and 0.7000 with sellers poised around 0.7065, 0.7080 and 0.7100 still. USDCAD has rallied further to 1.2995 helped by softer oil prices and ongoing detail to be sorted on the new NAFTA/USCMA trade deal and remains underpinned for the moment.Sell interest nearby at 1.3000 and 1.3050-60 with buyers now around 1.2960 1.29200 and 1.2900.

    Fickle Forex markets ever prevailing, and US/Canad both on holiday today, so get your orders in to take full advantage of these moves.

    The mighty Shrimpers of Southend United returned home to the hallowed Hall on Saturday but had to settle for a draw in the rain against bottom club Oxford. Disappointing but tempered by a nice sail on the Solent in the sun yesterday

    Have a good week out there one and all.

    Twitter: @MSPFX and @MikePatersonFX

    Interbank Rate 07.52 BST

    GBPUSD 1.3088

    EURUSD 1.1504

    EURGBP 0.8789

    GBPEUR 1.1377

    USDJPY 113.81

    USDCAD 1.2986

    USDCHF 0.9914

    GBPAUD 1.8544

    GBPCAD 1.6998

    GBPCHF 1.2977

    GBPZAR 19.5755

    GBPHKD 10.1471

    EURHKD 8.9190

    Read more...

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  • Pound feels a little Brexit love again

    Some more conciliatory/positive reports on Brexit have seen a few GBP buyers return while the US$ pauses for breath ahead of US key non-farm payroll and wages data today at 12.30 GMT.

    GBPUSD continued its rally from this time yesterday to post 1.3042 and again this morning after a dip back into 1.3000 which has now become a decent line in the sand having held on a few occasions helped by EURGBP falling to 3-month lows. Sellers now around 1.3060 then larger still between 1.3080-1.3100 and 1.3130 then 1.3150. Immediate demand now around 1.3020 then larger between 1.2990-1.3000, 1.2960 1.2930 and 1.2900. I remain a GBP rally seller while respecting the current demand and US data to come.

    EURGBP has broken down through decent support around 0.8850 and then 0.8830 to post those 3-month lows of 0.8814 (GBPEUR up to 1.1346). Bids now around 0.8800,0.8785 and 0.8750.Sellers poised between 0.8850-60 then 0.8880 before the good sell interest between 0.8900-10. Currently happy to sit and watch this pair from the sidelines.

    EURUSD has broken back up through 1.1500 and also looks underpinned amid some general US$ supply but sellers remained poised too. Large option contracts expiring today at 1.1500 and should help contain range, US data notwithstanding. Immediate bids/support now at 1.1480 then between 1.1450-60 still and 1.1430 and 1.1400 with sellers still poised into 1.1530 then 1.1550-60, 1.1580 and 1.1600

    USDJPY has failed yet again above 114.00 as US$ sellers and Yen buyers return. Bids still building around 113.50 with large option expiries there today, with more bids between 113.20-30 then 113.00. Sell interest around 114.00, 114.20, 114.50 then 114.70-75 and the key 115.00 area. i remain a rally seller. USDCHF has held on to a lot of recent gains with the finger pointing to some assistance from the SNB in recent times bouyed again by the return of some EURCHF demand. Support now around 1.1400, 1.1380 then 1.1360 and 1.1320.Sellers at 1.1450 then larger between 1.1480-1.1500. USDCHF bids at 0.9900, 0.9880, 0.9860 and 0.9830 with sell interest around 0.9960 then 0.9980-00. I remain a dip buyer on both.

    AUDUSD remains on the back foot undermined by concerns over the US-China trade spat to post fresh lows of 0.7054 not seen since early September. Sellers now around 0.7085, larger at 0.7100 then 0.7120 and 0.7150-60 with immediate demand at 0.7050, 0.7030 and 0.7000. USDCAD has rallied further to 1.2941 helped by softer oil prices and remains underpinned for the moment.Sell interest at 1.2950 and 1.2980-00 with buyers now around 1.2900, then 1.2880 and 1.2860.

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

    The mighty Shrimpers of Southend United return home to the hallowed Hall after two excellent away wins and will be hoping to keep the run going. Bring it on !

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

    Twitter: @MSPFX and @MikePatersonFX

    Interbank Rate 08.30 BST

    GBPUSD 1.3045

    EURUSD 1.1505

    EURGBP 0.8820

    GBPEUR 1.1337

    USDJPY 113.84

    USDCAD 1.2928

    USDCHF 0.9935

    GBPAUD 1.8485

    GBPCAD 1.6865

    GBPCHF 1.2960

    GBPZAR 19.2880

    GBPHKD 10.1138

    EURHKD 8.9210

    Read more...

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  • US Dollar still on the front foot

    Renewed Euro pressure and US $ strength, on hawkish tones from US Fed Chairman Powell, have been the themes of the past 24 hours with the Aussie $ also falling further as I've been warning. US key non-farm payroll data looming tomorrow in the mix too.

    EURUSD has broken down through the good support at 1.1500 to post lows of 1.1464 before running into a few buyers again this morning.Immediate bids/support now building between 1.1450-60 then 1.1430 and 1.1400 with sellers poised around 1.1500 and 1.1530 then 1.1550-60.

    EURGBP also broke down through recent support around 0.8875 and currently sits on the weekly lows of 0.8857 (GBPEUR up to 1.1292) having failed again into 0.8910. Bids now around 0.8850 then 0.8830 and 0.8800.Sellers poised now into 0.8880 then 0.8900, 0.8935 and 0.8950.I am currently trading both sides of the 0.8850-0.8910 range.

    GBPUSD failed above 1.3000 again and has been down to 1.2922 before finding a few buyers helped by the fall of EURGBP. Sellers now into 1.2980 and 1.3000 then 1.3020, 1.3035 and 1.3050 still then larger again between 1.3080-1.3100. Immediate demand now around 1.2950 then larger between 1.2920-1.2930, 1.2900 and 1.2880. I remain a GBP rally seller.

    USDJPY has duly picked up a few buyers again having held that 113.50 support line and has needed little excuse on the general USD demand to take out barrier option defence at 114.50. Bids still building between 113.50-60, with more between 113.20-30 then 113.00. Sellers have jumped back in up there but the pair remains underpinned with bids/support now around 114.20 then larger at 114.00,113.80 and 113.50 still. Sell interest around 114.50, then 114.70-75 and the key 115.00 area. USDCHF has also taken advantage of the US$ buying to rise and post 0.9928 but tempered again by some EURCHF selling. Support now around 1.1360 and 1.1320. USDCHF bids at 0.9880, 0.9860 and 0.9830 with sell interest around 0.9930 and 0.9960.

    AUDUSD continues its move lower and has broken down through the 0.7160 line to trigger further falls through 0.7120 and 0.7100 to post lows of 0.7076 not seen since early September. Sellers now around 0.7100 then 0.7120 then 0.7150-60 with immediate demand at 0.7070, 0.7050, 0.7030 and 0.7000. USDCAD has been lifted up to 1.2889 on the USD demand.Sell interest at 1.2900 and 1.2930 with buyers now around 1.2850-60, then 1.2830 and 1.2800.

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

    Have a good day out there one and all.

    Twitter: @MSPFX and @MikePatersonFX

    Interbank Rate 08.19 BST

    GBPUSD 1.2958

    EURUSD 1.1480

    EURGBP 0.8858

    GBPEUR 1.1286

    USDJPY 114.27

    USDCAD 1.2878

    USDCHF 0.9814

    GBPAUD 1.8286

    GBPCAD 1.6686

    GBPCHF 1.2846

    GBPZAR 18.9980

    GBPHKD 10.0463

    EURHKD 8.9016

    Read more...

    0 comments

  • Euro recovers some poise but not out of the woods yet

    We've been hearing a host of comments out of Italy again but enough positives to see the Euro find a few buyers but it's far from solid still.

    EURUSD found good support at 1.1500 as expected with the help of large option contracts rolling off there today and rallied well to test 1.1600 with Euro pairs all finding some love again,for the moment at least.Immediate bids/support now building into 1.1560 then 1.1530 and 1.1500 again with sellers poised around 1.1600 and 1.1630 still then 1.1650.

    EURGBP has held 0.8875 on the latest dips and been back up to test the line in the sand now at 0.8915-20 (GBPEUR support at 1.1200-15) that I've been highlighting in recent updates. Some bids now around 0.8890 then 0.8875,0.8850, 0.8830 and 0.8800.Sellers poised into 0.8920 still then 0.8935 and 0.8950.I remain a dip buyer.

    GBPUSD fell further to 1.2943 yesterday but found some comfort in BoJo's lack of speech impact and has been back up this morning to 1.3010. Sellers now into 1.3020 and 1.3035 then 1.3050 and larger between 1.3080-1.3100. Immediate demand now around 1.2990 then larger into 1.2970, 1,2950, 1.2930 and 1.2900. I remain a GBP rally seller.

    USDJPY posted lows of 113.52 before running into expected demand again as I higlighted yesterday. Bids still building between 113.50-60, with more between 113.20-30 then 113.00. Sellers at 113.85, 114.00,114.20 and 114.50. USDCHF has been treading water but now supported again by some EURCHF demand. Support now around 1.1380 then 1.1360 and 1.1320. USDCHF bids at 0.9830, 0.9800 and 0.9780 with sell interest still around 0.9860, 0.9880 and 0.9900.

    AUDUSD yesterday held around the 0.7160 line I mentioned with bids there holding further falls and has rallied to test 0.7200 again on a combo of softer USD and large option expiry interest at 0.7190 being protected. Sellers still around 0.7200 then 0.7220 and 0.7250 still with immediate demand at 0.7180, 0.7160 and 0.7130. USDCAD treading water still following the NAFTA/USMCA deal as the Canadian $ breathes a big sigh of relief but has recovered from testing the 1.2780 support I've mentioned.Sell interest still building around 1.2860 then 1.2880-1.2900 with buyers now around 1.2800, then 1.2780 still and 1.2750.

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

    Have a good day out there one and all.

    Twitter: @MSPFX and @MikePatersonFX

    Interbank Rate 07.35 BST

    GBPUSD 1.3008

    EURUSD 1.1588

    EURGBP 0.8907

    GBPEUR 1.1224

    USDJPY 113.81

    USDCAD 1.2817

    USDCHF 0.9845

    GBPAUD 1.8103

    GBPCAD 1.6672

    GBPCHF 1.2808

    GBPZAR 18.5880

    GBPHKD 10.0851

    EURHKD 8.9853

    Read more...

    0 comments

  • Another Brexit roller-coaster ride for the Pound

    Stop me if you've heard this one before but yesterday we saw another buy rumour/sell fact move when it was reported that PM May was softening her stance on Brexit and up went the Pound in a rush only to fall back below from whence it started. Sound familiar ? Of course it does and we can expect plenty more of the same while the final countdown continues

    GBPUSD had been banging against the decent resistance/sell interest around 1.3060 and fallen back below 1.3030 before the Brexit report came out and whoosh, up we went to 1.3122 in a flash only to fall back just as quickly and this morning has seen the pair falling further to post lows of 1.2988.GBPJPY selling on more of a risk-off sentiment prevailing has helped push it lower.Sellers now around 1.3030 and 1.3060 again then 1.3080 1.3100 and 1.3130 still with more at 1.3150, 1.3180 and 1.3200. Immediate demand now around 1.2980-85 then larger into 1.2950, 1.2930 and 1.2900. I remain a GBP rally seller.

    EURGBP has been struggling to rally despite the GBP weakness as Italy-related Euro selling continues to undermine the pair. We did see a move down to 0.8857 on that GBP spike but was soon back above 0.8875 only to fail around 0.8885 (GBPEUR support 1.1250) having capped around 0.8905 yesterday prior. some bids now around 0.8865 then 0.8850, 0.8830 and 0.8800.Sellers poised around 0.8885, 0.8900 then 0.8915-20 still.I remain a dip buyer but remain cautious given the lack of rally strength still.

    EURUSD continues to head lower on more rumblings from Italy with EURJPY snd EURCHF selling also helping it on its way to test decent support between 1.1520-30.Immediate bids/support still at 1.1520 and 1.1500 then 1.1485 and 1.1460 with sellers poised around 1.1560, 1.1580 1.1600 and 1.1630 still.

    USDJPY has run out of steam above 114.00 and we've seen some Yen demand across the board as risk sentiment turns sour yet again and we've posted lows of 113.69. Bids still building between 113.50-60, with more between 113.20-30 then 113.00. USDCHF has also retreated on the safe-haven CHF demand to post lows of 0.9815 and still tempered by some EURCHF selling as I warned here yesterday. Support now around 1.1320 then 1.1300 still and 1.1280. USDCHF bids still at 0.9800, 0.9780, 0.9750 and 0.9730 with sell interest again around 0.9860, 0.9880 and 0.9900.

    I've been highlighting an inherent weakness in the Aussie $ for a while now and AUDUSD has finally broken down through decent support at 0.7200 to post 0.7185 and remains on the back foot. Sellers now around 0.7200 then 0.7220 and 0.7250 still with immediate demand at 0.7180, 0.7165 and 0.7150. USDCAD remains undermined following the NAFTA/USMCA deal as the Canadian $ breathes a big sigh of relief.Sell interest still building around 1.2860 then 1.2880-1.2900 with buyers still around 1.2800, 1.2780 and 1.2750.

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

    Have a good day out there one and all.

    Twitter: @MSPFX and @MikePatersonFX

    Interbank Rate 08.35 BST

    GBPUSD 1.2998

    EURUSD 1.1533

    EURGBP 0.8873

    GBPEUR 1.1270

    USDJPY 113.74

    USDCAD 1.2818

    USDCHF 0.9836

    GBPAUD 1.8066

    GBPCAD 1.6664

    GBPCHF 1.2791

    GBPZAR 18.6257

    GBPHKD 10.0778

    EURHKD 8.9418

    Read more...

    0 comments

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