• Markets definitely not favouring risk again

    In my update yesterday I warned that unwinding of short JPY positions had been notable with USDJPY and JPY pairs all lower and now, in the wake of some awful French and German data this morning to add to existing areas of global concern, we're seeing full blown risk aversion and a flight to safe haven currencies again. May gets an extension to Brexit from her EU partners in crime ( 2 options in fact) but neither of which is going to lend the Pound much support imho.

    GBPUSD has fallen through the 1.3150-60 support area I've been warning about and that triggered stops down to 1.3120 then more supply (helped by GBPJPY selling still) saw lows all the way down to 1.3005 before rebounding to 1.3160.EURGBP failed into 0.8700 (GBPEUR 1.1494) and has since retreated to 0.8613 (GBPEUR up to 1.1610) helped by some solid Euro selling after that French/German PMI data.

    I remain GBP bearish overall and continue to rally-sell as my preferred strategy but I continue to see good two-way business as the Brexit chaos takes fresh twists and turns. BOE yesterday offered nothing of note as expected.

    EURUSD has tumbled this morning helped by EURJPY and EURCHF selling and that awful data to look at 1.1300 while USDJPY has bounced off the support at 110.30 that I've highlighted all week but failed into 111.00 and retreated back to 110.50 (large expiries there today) as Yen demand prevails.

    USDCHF has rallied to 0.9971 on the retreating EURUSD but tempered by some EURCHF selling on the renewed safe-haven Franc demand but with the SNB ever-watchful.

    AUDUSD held 0.7120-25 once again in late NY/ early Asian trading before falling back to 0.7090 on the AUDJPY supply. Large cluster of option expiries today at 0.7075 and 0.7110 in play.USDCAD has rallied strongly on softer oil and CADJPY selling to test 1.3400 only to fail but looks underpinned still around 1.3350.

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

    Tomorrow the under-pressure Shrimpers,and I, travel to Peterborough in desperate search of at least a point in our bid to get clear of the drop-zone. Bring it on!!

    Have a good day and week-end one and all.

    Twitter: @MSPFX and @MikePatersonFX

    Interbank Rate 08.40 GMT

    GBPUSD 1.3112

    EURUSD 1.1302

    EURGBP 0.8623

    GBPEUR 1.1595

    GBPAUD 1.8475

    GBPCAD 1.7522

    GBPZAR 18.7967

    GBPHKD 10.1564

    USDJPY 110.54

    USDZAR 14.3495

    EURJPY 124.95

    GBPJPY 144.85

    AUDUSD 0.7093

    EURHKD 8.7593

    EURCHF 1.1245

    USDCAD 1.3370`

    USDCHF 0.9950

    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