• Draghi triggers some action. Now it's the turn of US jobs data.

    What a day to have to go to a funeral eh?! A busy 24 hours as the ECB delivered more dovish than expected tones generally, slashing growth forecasts too, but no real surprise except to those bulls in denial.Cue some decent Euro selling across the board. Today sees the latest US jobs report and we can expect some more volatility as a slow week ends with a welcome busier finish.

    EURUSD bids at 1.1280 provided some support again but I've been warning that the pair was still looking soggy and helped by that dovish Draghi presser we saw lows of 1.1185. EURGBP has fallen to post 0.8547 but finding a few bids as GBPJPY selling also adds to general bearish Pound tones.

    GBPUSD found some support from the EURGBP selling but still fell to 1.3075 and looks soggy still helped by that GBPJPY selling. I remain GBP bearish overall and continue to rally-sell as my preferred strategy. I've also pointed out that equally there are plenty in favour of buying dips at the moment too so I continue to see good two-way business. Brexit continues to cast a very large shadow ahead of the parliamentary votes next week and the clock ticking down to a potential 29th March exit. Jury definitely out on that too though still and May is set to make a keynote speech/appeal later today.

    USDJPY has finally broken down through those 111.50 importer bids to trigger stops through 111.30 and 111.00 helped by some decent risk-off JPY demand in these fragile times that I've been warning of.USDCHF remains underpinned and has now cleared out those 1.0060 offers with EURUSD tumbling to post highs of 1.0119.

    AUDUSD has tested the bids at 0.7000 where those large options (around A$1.5bln) roll off today but after the US NFPs/wages report. USDCAD remains underpinned but tightly bound after the post-BOC rally.

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

    I wish you good trading.Let's continue to be careful out there and don't get greedy.

    Have a good day/weekend one and all.

    Twitter: @MSPFX and @MikePatersonFX

    Interbank Rate 08.40 GMT

    GBPUSD 1.3097

    EURUSD 1.1208

    EURGBP 0.8558

    GBPEUR 1.1682

    GBPAUD 1.8659

    GBPCAD 1.7621

    GBPZAR 18.9736

    GBPHKD 10.1541

    USDJPY 111.03

    USDZAR 14.4887

    EURJPY 124.42

    GBPJPY 145.35

    AUDUSD 0.7016

    EURCHF 1.1314

    USDCAD 1.3458

    USDCHF 1.0097

    EURHKD 8.6861


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