• Euro feels the love amid softer Greenback

    We've seen more USD supply and it's been the Euro that's felt most of the love as shorts get squeezed in the wake of better EZ data and some SNB intervention to support EURCHF that I mentioned on Friday.

    EURUSD easily held the 1.1280 bids/support I mentioned and has rallied steadily to post highs of 1.1389 not seen since late March having broken out through decent resistance/offers at 1.1330 and 1.1350. Barrier option interest at 1.1400 proving a step too far for the moment.

    EURGBP has made sold gains too but tempered by some GBPUSD demand too amid the generally softer US$. GBPUSD finally broke through the pivotal 1.2720-30 area to post 1.2768 in early Europe only to run into fresh sellers helped by some GBPJPY and GBPCHF supply again. GBPJPY found some support around 136.50 but sellers remain poised with Yen demand still notable overall.

    I remain GBP bearish overall still and will continue to rally-sell as my preferred strategy amid all the uncertainty/indecision including Brexit/political fallout but happy to buy back in the dips as always.

    USDJPY has given in further to the ongoing USD supply/JPY demand combo to fail into 107.80 where I warned of supply building 107.50 and retreat into 107.20 on Friday and struggling to rally since.USDCHF remains under pressure on the USD supply/EURUSD rally combo and as the SNB continues to lend a helping hand to EURCHF.

    AUDUSD remains underpinned amid the the USD weakness but sellers still remain poised while USDCAD has found a 1.3150-60 base for the moment with good demand down there as I've been noting recently.

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

    I hope my updates/tweets are helping. If not then do let me know why not.Feel free to contact me about discounted 1-2-1 mentoring rates if you need some clarity on current moves or finding it difficult to make money from my recommendations/strategy.

    Let's continue to be careful and don't get greedy.

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

    Twitter: @MSPFX and @MikePatersonFX

    Interbank Rate 08.45 BST

    GBPUSD 1.2726

    EURUSD 1.1375

    EURGBP 0.8937

    GBPEUR 1.1187

    GBPAUD 1.8321

    GBPCAD 1.6793

    GBPZAR 18.1711

    GBPHKD 9.8665

    USDJPY 107.44

    USDZAR 14.2695

    EURJPY 122.18

    EURCHF 1.1118

    EURHKD 8.8196

    GBPJPY 136.70

    AUDUSD 0.6945

    USDCAD 1.3197

    USDCHF 0.9775

    Read more...

    0 comments

  • Further US Dollar sales but the jury's still out

    Yesterday brought more USD supply post-Fed but we've seen a few key levels hold and that's got markets wondering whether we're heading into correction mode if not full reversal with July rate cut being now factored in.

    GBPUSD continued its rally but has held the pivotal 1.2720-30 area a couple of times and still being capped by some GBPJPY and GBPCHF supply albeit holding 1.2680 on the retreats.BOE yesterday kept rates on hold and added little of note as expected. EURGBP has been ranging still with EURUSD also rallying and retreating. GBPJPY found some support below 136.00 but sellers remain poised with Yen demand still notable overall.

    I remain GBP bearish overall still and will continue to rally-sell as my preferred strategy amid all the uncertainty/indecision including Brexit/political fallout.

    EURUSD has rallied to test offers at 1.1320-30 but retreated albeit with some usual dip demand with the SNB seemingly adding its own support this morning. USDJPY held up around 107.50-60 for a large part of yesterday's trading but finally gave in to the renewed USD supply/JPY demand combo to test the good support at 107.00 before rallying.

    USDCHF remains under pressure on the USD supply/CHF demand combo but has found a little SNB help with EURCHF finding a base this morning at 1.1080 after a dip through 1.1060 yesterday.

    AUDUSD has been up to test the 0.6935 offers but finding the larger 0.6950 interest a step too far amid some general USD demand.USDCAD has fallen further to test 1.3150 on the softer Greenback and with oil prices still firm.

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

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

    Twitter: @MSPFX and @MikePatersonFX

    Interbank Rate 08.40 BST

    GBPUSD 1.2699

    EURUSD 1.1310

    EURGBP 0.8905

    GBPEUR 1.1227

    GBPAUD 1.8356

    GBPCAD 1.6748

    GBPZAR 18.2544

    GBPHKD 9.8463

    USDJPY 107.46

    USDZAR 14.3964

    EURJPY 121.55

    EURCHF 1.1124

    EURHKD 8.7702

    GBPJPY 136.47

    AUDUSD 0.6919

    USDCAD 1.3186

    USDCHF 0.9836

    Read more...

    0 comments

  • US Dollar lower as bond yields fall

    Further to my update last night and with July seemingly nailed on for a rate cut we've seen delayed falls in the Greenback as US 10-year yields fell below 2% to levels not seen since November 2016. We've also seen some risk-off sentiment return on reports of a US drone being shot down over the Hormuz Strait which has seen oil prices rise to 3-week highs and Gold to levels not seen since 2013. All in all a heady mix once again and it remains to be seen whether its all over done a little, which is my gut feel.

    GBPUSD has continued its rally to post 1.2710 but still being capped by some GBPJPY and GBPCHF supply and tempered by the on-going political/hard-Brexit risk of the Tory Party leadership contest with two rounds of voting today identifying the final two before a postal vote from c.160k party members.BOE in the mix today too so we shouldn't be going too far in the meantime. EURGBP has been tightly bound with EURUSD also rallying. GBPJPY finally found some support into the 136.30 bids but sellers remain poised with USDJPY sliding too.

    I remain GBP bearish overall still and will continue to rally-sell as my preferred strategy amid all the uncertainty/indecision including Brexit/political fallout but happy to buy back in the dips as always. Let's see what the BOE brings amid the rest of the fragility.

    EURUSD has rallied to post 1.1286 and has large option expiry interest again today between 1.1150 and 1.1250 while USDJPY failed into 108.20 on the post-Fed rally back from 107.89 and has since shown its vulnerability yet again to break down and post 107.47. Large option expiries today at 107.00 and 108.00 should help keep range contained.USDCHF also retreated post-Fed but so far held 0.9880 but under a little pressure with EURUSD rallying and EURCHF lower.

    AUDUSD had a little dip on RBA Lowe hinting at further interest rate cuts ( no shocks there ) but has been back up to post 0.6910 again.USDCAD has fallen further to 1.3220 on the softer Greenback and with oil prices posting 3-week highs supporting the Canadian $.

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

    I'm off to London now for a series of meetings so I wish you a good day. Please contact your rate providers directly should you need to deal.

    Have a good day out there one and all.

    Twitter: @MSPFX and @MikePatersonFX

    Interbank Rate 07.52 BST

    GBPUSD 1.2695

    EURUSD 1.1276

    EURGBP 0.8882

    GBPEUR 1.1258

    GBPAUD 1.8389

    GBPCAD 1.6790

    GBPZAR 18.1059

    GBPHKD 9.8463

    USDJPY 107.60

    USDZAR 14.2420

    EURJPY 121.33

    EURCHF 1.1156

    EURHKD 8.7461

    GBPJPY 136.64

    AUDUSD 0.6904

    USDCAD 1.3226

    USDCHF 0.9893

    Read more...

    0 comments

  • Jury out as we wait on US Federal Reserve

    Ongoing uncertainty ahead of the US FOMC making their latest interest rate announcement tonight means we have seen tight ranges prevailing still.Lots of conjecture in recent weeks that they will cut this year, possibly today but my gut view is that I don't think they act this time but we can't rule it out.Data has been mixed, albeit not over-bullish, so a cut today might suggest they are panicking a little or being led by Trump.

    I don't hold a lot of store by second-guessing CBs anyway given that the outcome is beyond our control but it's safe to say they will remain on the cautious side and make clear they are ready to act blah blah, as indeed did ECB's Draghi yesterday which sent the Euro tumbling.

    GBPUSD held onto the strong support that I highlighted at 1.2500 and has been back up to 1.2570 helped by some profit-taking on recent moves lower (myself included) and by GBPJPY and GBPCHF demand on news that US and China are talking more positively on trade.The on-going political risk as the Tory Party leadership contest continues to play out with last night's debate offering nothing new but confirming Rory Stewart as the only candidate left ruling out No-Deal Brexit.BOE in the mix tomorrow too.

    EURGBP fell back on the Draghi comments but is holding 0.8900-05 with decent bids there prevailing so far. GBPJPY has found buyers prevailing as risk-off sentiment waned on the US-China trade talk comments but sellers remain poised with USDJPY also failing to breach 108.70 still.

    I remain GBP bearish overall and continue to rally-sell as my preferred strategy amid all the uncertainty/indecision including Brexit/political fallout as I've been warning about for month, but happy to buy back in the dips as always.

    EURUSD's large option expiry interest at 1.1200 held the initial Draghi-led falls but afterwards we saw a test of 1.1180-85 again while USDJPY failed into 108.00 yet again but similarly failed at 108.70 again too so we're firmly entrenched in that range for the moment as we wait on the Fed.USDCHF also failed around 1.0020 after the risk-on rally but still tightly bound overall as EURUSD and EURCHF both find the expected dip demand.

    AUDUSD took out the offers/sellers at 0.6850-60 on the US-China trade news having held 0.6830 but has failed around the 0.6885 sell interest now. USDCAD fell back as oil prices firmed again combined with some good CADJPY demand on the risk-on sentiment but continuing to range as markets fear the FOMC.

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

    I wish you good trading and I hope my updates/tweets are helping. If not then do let me know why not.Feel free to contact me about discounted 1-2-1 mentoring rates if you need some clarity on current moves or finding it difficult to make money from my recommendations/strategy.

    I shall be at my desk for the Fed at 18.00 GMT so watch out for my tweets and I will try to send an update here too.

    Have a good day out there one and all.

    Twitter: @MSPFX and @MikePatersonFX

    Interbank Rate 07.59 BST

    GBPUSD 1.2544

    EURUSD 1.1197

    EURGBP 0.8925

    GBPEUR 1.1203

    GBPAUD 1.8243

    GBPCAD 1.6777

    USDJPY 108.27

    USDZAR 14.4634

    EURJPY 121.24

    EURCHF 1.1187

    EURHKD 8.6810

    GBPJPY 135.85

    GBPZAR 18.1614

    GBPHKD 9.7254

    AUDUSD 0.6878

    USDCAD 1.3370

    USDCHF 0.9990

    Read more...

    0 comments

  • Yes folks, it's still looking very fragile out there

    Ongoing uncertainty ahead of the US FOMC making their latest interest rate announcement tomorrow coupled with increasing tensions in, among others, the Middle East and Hong Kong means we have the on-going risk-off sentiment prevailing. No surprise to my readers hopefully.

    GBPUSD has fallen further to post lows of 1.2512 helped by some more GBPJPY and GBPCHF supply and the on-going political risk as the Tory Party leadership contest continues.EURGBP has broken higher again (GBPEUR down to 1.1140) amid the GBP selling and EURUSD contained by large option expiry interest. GBPJPY has also found the sellers prevailing as risk-off sentiment continues and I hope that's also provided you all with a good steer.

    I remain GBP bearish overall and continue to rally-sell as my preferred strategy amid all the uncertainty/indecision including Brexit/political fallout as I've been warning about for many many months.

    EURUSD has large option expiry interest at 1.1200 again with more between 1.1240-50 and that's keeping the pair contained amid the EURJPY supply/EURCHF dip demand. NB. Euro falling as I type amid Draghi comments from a conference where BOE's Carney also speaking.

    USDJPY failed around 108.70 yet again helped by renewed Yen demand and has retreated to test support at 108.15-20 with larger at 108.00 still.USDCHF also failed around it's own cap of 1.0000 but still tightly bound overall as EURUSD and EURCHF both find the expected dip demand. EURCHF support at 1.1180 being absorbed atm as the Euro retreats on those Draghi comments.

    AUDUSD is still finding sellers on the bleaker domestic outlook and rate cut scenarios along with some good AUDJPY risk-off supply yet again while USDCAD remains underpinned as oil prices range for the moment combined with some good CADJPY selling again but failing to make any real progress as markets fear the FOMC tomorrow.

    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 Rate 08.23 BST

    GBPUSD 1.2539

    EURUSD 1.1238

    EURGBP 0.8961

    GBPEUR 1.1157

    GBPAUD 1.8347

    GBPCAD 1.6823

    GBPZAR 18.4874

    GBPHKD 9.7145

    USDJPY 108.26

    USDZAR 14.7576

    EURJPY 121.68

    EURCHF 1.1201

    EURHKD 7.8042

    GBPJPY 135.77

    AUDUSD 0.6837

    USDCAD 1.3414

    USDCHF 0.9966

    Read more...

    0 comments

social_rss_box_orange
official partner advert

Proud supporter of

tel
emailsymbol

Call us today: +44 (0) 1732 700 383

Email : info@mspfx.co.uk

Bringing You The Best Value Currency Deals

Raising the Standard in Foreign Currency Exchange & International Money Transfers

Office hours : Monday to Friday - 8am till 6pm

The MSP Update

Photo crop (passport)

Welcome to my blog

Daily market commentary from
Mike Paterson

The MSP Update is an essential tool for personal and business clients who want to be kept informed on a daily basis. If you would like to discuss your requirements then give us a call and talk to one our experienced team..

Call today +44 (0) 1732 700 383

Find out how much you could save today

Don’t let the banks or your existing foreign currency broker cash in with poor exchange rates and extortionate fees, Whether you are making a small or large, one-off or regular money transfer , MSP FX will offer the best rates for your individual foreign currency requirements and assist you in transacting at the most opportune moment possible given your timeframe. MSP Foreign Exchange Services offers complete security of funds by executing trades only through preferred FSA and HMRC regulated providers. For more information call us today and find out how MSP FX can help you.

Euros-1024x683
003-paradise-island-x

You are viewing the text version of this site.

To view the full version please install the Adobe Flash Player and ensure your web browser has JavaScript enabled.

Need help? check the requirements page.


Get Flash Player