• Pound mostly holds gains with BOE still in focus

    GBPUSD ploughed its way higher to 1.3617 on Friday after BOE MPC dove Vlieghe toed the party line and talked rate hikes before a small retreat to 1.3560. BOE governor Carney is due to make a keynote speech today at the IMF conference so markets will be looking for further clues for the Pound but not expecting anything too bearish. EURGBP continued its fall and has now posted 0.8774 (GBPUSD up to 1.1307). Overall the Pound has mostly held on to its recent rapid gains and had its best week in 2 years as the turnaround in BOE rhetoric brings interest rate hikes that much closer.

    EURUSD has remained in consolidative mode with 1.1900-1.12000 covering it for the moment while USDJPY has also held recent gains to range 110.80-111.35 fuelled by GBPJPY demand and general Yen weakness with North Korea sending another missile over Japan. USDCHF gains have been tempered by safe-haven Franc demand.

    The Aussie and Canadian $ are both ranging still overall but both losing out to the rampaging Pound still.

    Fragile times prevailing, and we will continue to see volatility so don't forget to place/revise your orders to maximize gains/minimize losses.

    Have a good week one and all.

    Interbank Rates 06.10 BST

    GBPUSD 1.3584

    EURUSD 1.1942

    EURGBP 0.8791

    GBPEUR 1.1375

    USDJPY 111.15

    AUDUSD 0.8023

    USDCAD 1.2183

    GBPAUD 1.6930

    GBPCAD 1.6550

    GBPCHF 1.3048

    GBPZAR 17.8445

    GBPHKD 10.5317

    EURHKD 9.2587

    GBPSGD 1.8253

    Read more...

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  • Pound surges higher as Bank of England more than hints at rate hikes

    Yesterday, as per my emailed update, the BOE MPC kept interest rates and QE on hold by an expected vote of 7-2 but the accompanying Minutes painted a far different picture and pointed to tightening of policy in the coming months, albeit while still expressing some concerns:

    - some withdrawal of stimulus likely appropriate in 'coming months'

    - majority of MPC think a lessening of 'trade-off' evident if economy continues on current path

    - all MPC think rate hikes will be faster than current market pricing, if economy follows August QIR projections

    - early Q3 data stronger than committee anticipated in August Report

    - recent developments reinforce belief slack to disappear more rapidly than expected

    GBPUSD fell to 1.3150 on the headline but was soon back up and posting 1.3350. Further rate hike talk from the Old Lady this morning has seen another surge higher from 1.3430 to 1.3590. EURGBP has continued to fall and now posted 0.8795 (GBPUSD up to 1.1375. Overall the Pound has made solid gains and now poised to have its best week in 2 years.

    All this on the 25th anniversary (tomorrow) of Black Wednesday when Soros sacked the Pound. Earlier I posted this at my forexlive.com site http://www.forexlive.com/news/!/it-was-25-years-ago-today-mr-soros-taught-the-uk-how-to-play-20170915

    EURUSD has also rallied to 1.1956 after a dip below 1.1880 again while USDJPY has been up further to post 111.22 this morning fuelled by GBPJPY demand. USDCHF has been steadier between 0.9600-50

    The Aussie $ is finding dip demand again helped while the Canadian $ is ranging still but both losing out to the rampaging Pound.

    Fragile times still prevailing, and with the BOE fall-out we will continue to see volatility so don't forget to place your orders to maximize gains/minimize losses.

    Have a good week-end one and all.

    Interbank Rates 10.15 BST

    GBPUSD 1.3545

    EURUSD 1.1938

    EURGBP 0.8814

    GBPEUR 1.1343

    USDJPY 111.21

    AUDUSD 0.8018

    USDCAD 1.2157

    GBPAUD 1.6855

    GBPCAD 1.6462

    GBPCHF 1.3020

    GBPZAR 17.8590

    GBPHKD 10.5014

    EURHKD 9.2580

    GBPSGD 1.8210

    Read more...

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  • Pound retreats then ramps higher after BOE

    Today the BOE MPC kept interest rates and QE on hold by an expected vote of 7-2 but the accompanying Minutes painted a far different picture and pointed to tightening of policy in the coming months, albeit while still expressing some concerns:

    - some withdrawal of stimulus likely appropriate in 'coming months'

    - majority of MPC think a lessening of 'trade-off' evident if economy continues on current path

    - all MPC think rate hikes will be faster than current market pricing, if economy follows August QIR projections

    - early Q3 data stronger than committee anticipated in August Report

    - recent developments reinforce belief slack to disappear more rapidly than expected

    - underlying pay growth has showing signs of recovery, albeit still modest

    - there remains considerable risk to the economic outlook

    The Pound tumbled on the initial headline but then ramped higher in seconds as the algo boxes then double-tracked and digested the hawkish element of the detail.

    GBPUSD fell to 1.3150 but then posted 1.3300 in rapid time,extending gains to 1.3360 as I type. EURGBP selling has also continued down to 0.8895 (GBPUSD up to 1.1265) after a sharp spike to 0.9050 (GBPEUR down to 1.1047)).

    Overall the story is the same and the Pound has extended the recent gains ( see rate update below) and continues to be the best of a bad/average bunch.

    Crazy days are most definitely here still and will continue to produce volatility so don't forget to place/revise your orders to maximize gains/minimize losses.

    Have a good afternoon one and all.

    Interbank Rates 13.50 BST

    GBPUSD 1.3362

    EURUSD 1.1888

    EURGBP 0.8893

    GBPEUR 1.1239

    USDJPY 110.46

    AUDUSD 0.7972

    USDCAD 1.2195

    GBPAUD 1.6759

    GBPCAD 1.6292

    GBPCHF 1.2900

    GBPZAR 17.5865

    GBPHKD 10.3580

    EURHKD 9.2169

    GBPSGD 1.8057

    Read more...

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  • Bank of England in focus

    Yesterday's UK wages data failed to impress and showed they're still lagging behind inflation which gives the BOE MPC on-going food for thought when they deliberate and announce their latest decision today at 12.00 BST. While there is a chance of an increase in the vote to raise rates I still don't see a hike anytime soon.

    GBPUSD retreated on the wages data report and with USD demand returning we've seen a move back down to 1.3198 from 1.3330 highs yesterday. EURGBP has continued to hold 0.8980 support (GBPUSD 1.1135 resistance) but overall the currency has given back some of the recent gains.

    EURUSD also retreated further to 1.1865 but has found dip demand once again to rally and post 1.1910 while USDJPY has been up further to post 110.80. USDCHF has been up to test 0.9700 with EURCHF also in perkier form to rise and reach 1.1500 again after falling to 1.1440. This morning the SNB left interest rates on hold in negative territory as expected and repeated their intention to keep intervening to prevent excessive appreciation of the Franc.

    The Aussie $ is finding dip demand again with large option contract interest underpinning AUDUSD at 0.8000 helped today by good jobs data while the Canadian $ is ranging still.

    Fragile times still prevailing, and with the BOE eagerly awaited today we will continue to see volatility so don't forget to place your orders to maximize gains/minimize losses.

    Have a good day one and all.

    Interbank Rates 08.40 BST

    GBPUSD 1.3303

    EURUSD 1.1988

    EURGBP 0.9011

    GBPEUR 1.1095

    USDJPY 110.04

    AUDUSD 0.8034

    USDCAD 1.2156

    GBPAUD 1.6556

    GBPCAD 1.6174

    GBPCHF 1.2771

    GBPZAR 17.2640

    GBPHKD 10.3138

    EURHKD 9.2959

    GBPSGD 1.7889

    Read more...

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  • Pound still finding favour

    Yesterday we got the latest UK inflation data which came in stronger than expected and helped lift the Pound. The data is in line with BOE expectations who also see the rate peaking up here between 2.8-3.0% by year end. Despite that there has been plenty of interest rate hike chatter and that will be enhanced if this morning's wages data backs it up.

    The BOE MPC announce their latest decision tomorrow and while there is a chance of an increase in the vote to raise rates I still don't see a hike anytime soon.

    GBPUSD continues to feel the love though and has been up to 1.3316 after holding 1.3200 yesterday. EURGBP selling has also continued down to 0.8982 (GBPUSD up to 1.1134) and overall the currency has extended the recent gains and continues to be the best of a bad bunch.

    EURUSD retreated further to test 1.1920 support but has found dip demand once again to rally and post 1.1995 while USDJPY has been up to post 110.30 as the current trend for Yen weakness prevails with GBPJPY demand also helping the Pound. USDCHF has been up to 0.9612 with EURCHF also in perkier form to rise and reach 1.1500 again.

    The Aussie $ is finding dip demand still with large option contract interest underpinning AUDUSD at 0.8000 while the Canadian $ continues to give up a few of its recent gains.

    Fragile times still prevailing and will continue to produce volatility so don't forget to place your orders to maximize gains/minimize losses.

    Have a good day one and all.

    Interbank Rates 07.10 BST

    GBPUSD 1.3303

    EURUSD 1.1988

    EURGBP 0.9011

    GBPEUR 1.1095

    USDJPY 110.04

    AUDUSD 0.8034

    USDCAD 1.2156

    GBPAUD 1.6556

    GBPCAD 1.6174

    GBPCHF 1.2771

    GBPZAR 17.2640

    GBPHKD 10.3138

    EURHKD 9.2959

    GBPSGD 1.7889

    Read more...

    0 comments

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