• Better risk sentiment prevailing

    Markets seem to be ignoring the Coronavirus concerns for the moment, or at least bored by it, and with reports out in Asian trading that China plans to halve some of the additional tariffs imposed on $75bln of US goods plus some positive talk on trade we've seen a further return to risk-on sentiment. FX markets always fickle and never more so than at the present time.

    GBPUSD yesterday fell to test support around 1.2950 again helped by reports that the EU was looking to amend MIFID at the expense of some UK concessions. Decent demand down there still though and we've been back above 1.3000 on some renewed GBPJPY demand but down again this morning to post 1.2972. EURGBP duly failed above 0.8485 again (I mentioned yesterday I regard the area as pivotal) but the bids at 30-35 provided a decent base again too. GBPJPY has failed above 143.30 again but now finding some risk-on support at 142.50-60.

    I stay poised to sell GBP rallies and buy back in the dips as ever.Still ranging overall. Rinse n repeat.

    EURUSD remains tightly bound amid the cross currency plays and option expiries but undermined still by its current funding currency status. Today we have decent expiry interest between 1.1030-40 which should help cap.

    USDJPY remains underpinned by the risk-on demand and better US data yesterday and now posted 110.14 highs. Sellers still poised though into 110.30. EURJPY also underpinned but gains tempered by a soggy EURUSD.USDCHF duly found support at 0.9680 again then 0.9720 helped by EURCHF demand too amid the better risk plays.

    AUDUSD has fallen after those 0.6774 highs but finding dip demand around 0.6740 helped by AUDJPY buying.USDCAD has failed to hold above 1.3300 yet again with some CADJPY demand still helping to cap but equally not coming back down too far on some general USD demand.

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

    Have a good day out there one and all.

    Twitter: @MSPFX and @MikePatersonFX

    Interbank rates: 08.15 GMT

    GBPUSD 1.2988

    EURUSD 1.1002

    EURGBP 0.8469

    GBPEUR 1.1806

    GBPAUD 1.9243

    GBPCAD 1.7244

    GBPJPY 142.72

    USDJPY 109.90

    EURJPY 120.93

    EURCHF 1.0715

    AUDUSD 0.6751

    USDCAD 1.3276

    USDCHF 0.9738


official partner advert

Proud supporter of


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.


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