• Greenback grabbing to the fore once more

    We've continued to see a firmer US Dollar as the new week gets fully underway as "best of a bad bunch" plays out once again.

    Meanwhile Brexit remains in the headlines with a group of MPs and government officials meeting at the moment to discuss alternative arrangements to the Irish backstop.The jury remains fully out on which way the cards will fall as the clock ticks down to the 29 March deadline but this morning DUP leader Foster has made it clear once again that the backstop must be replaced. Data risk today comes in the form of the key Services PMI at 09.30 GMT (the sector counts for over 80% of UK GDP) following on from the weaker Production and Construction data.

    GBPUSD has been trading softer and fallen through 1.3050 again after holding around 1.3100 to post fresh recent lows of 1.3027.EURGBP has been tightly bound again as both GBP and EUR trade lower. I remain GBP bearish overall and continue to rally-sell then take profit in the dips.New month maybe but no change as far as I'm concerned right now.

    EURUSD has also fallen through some decent support/bids at 1.1420 and still trading a tad lower as I type amid the general USD demand.USDJPY remains underpinned and now taken out the 110.00 sell interest but sellers were poised again and the pair has failed to make much further progress.

    USDCHF also remains underpinned with EURUSD still fragile and EURCHF finding dip demand with the SNB ever-watchful.

    AUDUSD dipped below 0.7200 after poor data and with dovish tones from the RBA expected but rallied back to 0.7265 when they failed to play the game and produced changes in the statement but suggested it's business as usual for them.USDCAD rallied strongly on the firmer USD tones and posted highs of 1.3147 before falling back on general CAD strength.

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

    Have a good day one and all.

    Twitter: @MSPFX and @MikePatersonFX

    Interbank Rate 08.25 GMT

    GBPUSD 1.3036

    EURUSD 1.1414

    EURGBP 0.8755

    GBPEUR 1.1423

    USDJPY 109.90

    EURJPY 125.44

    GBPJPY 143.28

    AUDUSD 0.7244

    EURCHF 1.1411

    USDCAD 1.3118

    USDCHF 0.9997


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