• Greenback still on the back foot post-FOMC but jury remains out.

    The US Federal Reserve last night left interest rates on hold and produced a dovish statement. Cue US$ falling across the board.I said yesterday that "no hike expected, indeed I'm dubious about whether they will/will be able to hike at all this year. Markets will be looking for clues on balance sheet normalization and their reiteration of patience being key generally."

    Well they've taken out the gradual hike phrase and said it's prepared to adjust its normalization of the balance sheet and we're still seeing some pressure on the US Dollar overall as European trading gets underway but buyers lurking. Powell & Co sent a dovish message to the markets, albeit one I didn't think was that much of a surprise, but as always we've now seen what was priced in and general expectation was not such a downside tilt.

    Meanwhile Brexit continues to grab a few headlines and will do so for a long long while yet but the jury remains fully out on which way the outcome will fall.

    Prior to the FOMC GBPUSD had duly found support into those 1.3050 bids and has now found a new interim base around 1.3100 albeit with rally sellers into 1.3160, including me still poised.EURGBP has been tightly bound still with the usual month-end EURGBP demand in play and preventing deeper losses while helping to cap Cable.

    I remain GBP bearish overall while definitely respecting the current GBP demand and will continue to rally sell then buy in the dips.

    EURUSD has rallied through the decent offers/resistance at 1.1500 but failed into the next good tranche of sell interest at 1.1520 while USDJPY duly fell through the 108.80 support but has stopped at the next tranche at 108.60. USDCHF also fell a little further to test bids at 0.9920 but underpinned still by the EURCHF demand as Euro buying generally prevails albeit with sellers always poised.

    AUDUSD has been tightly bound after the post-FOMC spike through the 0.7230 and 0.7250 sell interest to post fresh highs of 0.7277 while USDCAD has remained on the back foot having fallen through that line in the sand at 1.3180 and taken out the next layer of support at 1.3150.Both Canadian and Aussie $ finding support from firmer Gold and Oil prices respectively.

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

    I wish you a good day ahead.

    Twitter: @MSPFX and @MikePatersonFX

    Interbank Rate 08.15 GMT

    GBPUSD 1.3140

    EURUSD 1.1505

    EURGBP 0.8757

    GBPEUR 1.1422

    USDJPY 108.68

    EURJPY 125.02

    GBPJPY 142.82

    GBPAUD 1.8047

    GBPCAD 1.7232

    GBPHKD 10.1874

    AUDUSD 0.7276

    EURCHF 1.1418

    USDCAD 1.3128

    USDCHF 0.9926

    EURHKD 8.9191

    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