• Markets retrace but jury remains out

    Following the flash crash fun and games we've seen some gains in equity and commodity markets which in turn have led to a better risk sentiment and that in turn has seen decent retracement in Yen and associated core pairs helped by a few words from the BOJ. Today's focus will be on the key US Non Farm Payroll and wages data out at 13.30 GMT

    GBPUSD has been up to 1.2668 this morning helped by some GBPJPY demand and still remains underpinned as I type.I remain GBP bearish overall and happy to jump on rallies.EURGBP has retreated from 0.9064 highs to test 0.9000 (GBPEUR up to 1.1104) as the GBPUSD rally outpaces EURUSD but has found decent support down there.

    EURUSD continues to find dip and EURJPY/EURCHF demand to rally through 1.1400 while USDJPY has understandably led the way back up with the renewed risk-on Yen supply driving the pair to 108.45 after some good two-way business between 107.00-108.00 yesterday.

    USDJPY has led the way back with renewed Yen selling on better risk sentiment and posted 108.45 only to retreat back to 107.85 this morning. USDCHF is still finding some degree of support from EURCHF dip demand this time around 1.1230 again with the SNB seemingly ever-watchful as I've been warning.

    AUDUSD has bounced well on the AUDJPY demand and helped by some Gold buying yesterday as I pointed out while

    USDCAD has seen a solid retreat as oil prices firm up and CADJPY buyers return on the better risk sentiment.

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

    I have to head out now to a funeral so I'll wish you a great week-end.

    Twitter: @MSPFX and @MikePatersonFX

    Interbank Rate 07.35 GMT

    GBPUSD 1.2642

    EURUSD 1.1404

    EURGBP 0.9021

    GBPEUR 1.1084

    GBPAUD 1.8020

    GBPCAD 1.7024

    GBPHKD 9.8153

    USDJPY 108.01

    EURJPY 123.16

    GBPJPY 136.52

    AUDUSD 0.7026

    EURCHF 1.1249

    USDCAD 1.3457

    USDCHF 0.9865

    EURHKD 8.8442

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