• All delicately poised still

    Reports from China and elsewhere of more Coronavirus cases/deaths and potential fallout so markets remain in watchful/cautious mood with risk sentiment fragile.

    US Durable Goods at 13.30 GMT the main data risk with the Fed's latest policy decision looming tomorrow evening at 19.00 GMT and the BOE at 12.00 GMT on Thursday also very much in focus.

    GBPUSD is under further pressure this morning and testing decent bids/support at 1.3000 helped by month-end EURGBP demand as per my earlier tweet and as risk sentiment remains wobbly. EURGBP based at 0.8430 on that usual month-end Bundesbank demand.GBPJPY remains on the back foot and has now posted fresh recent lows of 141.62 and sellers remain poised.

    I stay poised to sell GBP rallies overall and buy back in the dips as ever but continue to see some good two-way business as we continue in these tight ranges and the BOE rate-cut conjecture continues. The UK leaving the EU on Friday also remains one of the great unknowns.

    EURUSD is still on the back foot and testing 1.1000 helped by EURJPY and EURCHF supply but still tightly bound.

    USDJPY also remains under pressure on the fragile risk plays but holding 108.75-80 for the moment again. EURJPY is holding 119.80 but rally sellers remain ready too amid the softer risk plays. USDCHF holding 0.9680 again as I type but rallies tempered by EURCHF supply still.SNB still going to be ever vigilant as EURCHF heads into that previous line in the sand they created in March 2017 between 1.0630-60.

    AUDUSD was duly held up yesterday by those large expiries I highlighted but since fallen further to post 0.6738 helped by AUDJPY supply amid the Chinese/regional coronavirus concerns.USDCAD remains underpinned on some CADJPY supply and softer oil prices still and now and we've seen 1.3200 tested but sellers remain poised.

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

    Don't forget that I offer 1-2-1 mentoring if there's areas of trading these tight ranges, or how to make best use of the order boards and expiries, that you might need some further help with.

    Have a good day out there one and all.

    Twitter: @MSPFX and @MikePatersonFX

    Interbank rates: 08.18 GMT

    GBPUSD 1.3019

    EURUSD 1.1018

    EURGBP 0.8461

    GBPEUR 1.1817

    GBPAUD 1.9281

    GBPCAD 1.7177

    GBPJPY 141.92

    GBPZAR 19.1140

    GBPHKD 10.0936

    USDJPY 109.02

    USDZAR 14.6898

    EURJPY 120.09

    EURCHF 1.0686

    EURHKD 8.5416

    AUDUSD 0.6752

    USDCAD 1.3194

    USDCHF 0.9702


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