• It's all trading tightly still with ECB in focus today

    Another day and still no further clues as to general direction for markets and traders with additional caution being shown ahead of today's ECB decision and tomorrow's key US employment report. That being said we have seen some further CAD weakening after yesterday's expected dovish tones from the BOC.

    GBPUSD held support lines/bids into 1.3120 and has since been back up to 1.3185 but it's tightly bound still. EURGBP has also been trading narrowly with EURUSD and GBPUSD seeing good two-way business still but ECB today casts a big shadow.

    I remain GBP bearish overall and continue to rally-sell then buy the dips. 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.

    EURUSD bids at 1.1280 that I've been highlighting have provided good support again although the pair is still looking soggy.It's all down to Draghi's presser at 13.30 GMT. I don't see that he can offer anything new given the ECB are another CB stuck between a large rock and very hard place but as always we should expect the unexpected and the algos will feed off any scraps.

    USDJPY failed again to make head way higher and broke down through the 111.70 bids on some general USD weakness post-US trade data and some risk-off JPY demand on reports that N. Korea is rebuilding an ICBM launch site but still with importer demand providing support into 111.50 50.USDCHF remains underpinned but has still failed to clear out those 1.0060 offers I've mentioned with EURCHF and EURUSD still tightly bound.

    AUDUSD continues to look soggy and has tested support at 0.7020 ahead of demand at 0.7000 where large options (around A$1.5bln) roll off tomorrow while USDCAD remains underpinned and has rallied further on yesterday's BOC dovish tones in their statement as expected after leaving rates on hold, also as expected.

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

    Housekeeping note: I am away from my desk from 12.00 GMT for a funeral so I will be unable to be of any use/tweet after that time but I hope my update now stands you in good stead.

    Have a good day one and all.

    Twitter: @MSPFX and @MikePatersonFX

    Interbank Rate 08.16 GMT

    GBPUSD 1.3165

    EURUSD 1.1306

    EURGBP 0.8587

    GBPEUR 1.1643

    GBPAUD 1.8704

    GBPCAD 1.7697

    USDJPY 111.77

    EURJPY 126.38

    GBPJPY 147.16

    AUDUSD 0.7039

    EURCHF 1.1362

    USDCAD 1.3441

    USDCHF 1.0048

    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