• More Pound woes as May faces No-Confidence vote. Greenback higher.

    So finally the Tory rebels make their play and later today PM May faces a no-confidence vote. It's been a long time coming but now they fancy their chances it seems. It's not just the delay in the vote on May's "deal" it's the total disarray the UK currently finds itself in which means investors are staying firmly away. I have been consistent in that at least for a long time now. Meanwhile the US$ finds a few "best of a bad bunch" buyers.

    We expected GBPUSD demand into 1.2500 and so it proved again before this morning's announcement on May saw a dip to 1.2477 where yesterday I highlighted further support/demand and we've been back up to 1.2550 before sellers, including me jumped back in.The Pound may find some buyers on potential No Brexit scenario but it brings with it huge political turmoil as I've warned for many months.

    EURGBP came down yesterday on some general Euro selling amid more chaos in France but since been back up to 0.9071 this morning before retreating back to test 0.9020-30 (GBPEUR 1.1022 to 1.1081)

    EURUSD has held 1.1300 again after failing at 1.1400 while USDJPY has risen again to post 113.52 before finding some sellers once more.USDCHF has also risen to 0.9938 before also finding sellers abut remains as EURCHF finds sellers again but remains underpinned as I've been warning despite EURCHF falling to 1.1236. Sellers remain poised on both even if the SNB will still look to "smooth" the declines.

    AUDUSD remains on the back foot while USDCAD has fpound itself torn between the US$ demand but firmer oil prices.

    Fickle Forex markets ever prevailing so get your orders in to take full advantage of these moves.

    Have a good day out there one and all.

    Twitter: @MSPFX and @MikePatersonFX

    Interbank Rate 08.20

    GBPUSD 1.2533

    EURUSD 1.1323

    EURGBP 0.9031

    GBPEUR 1.1068

    USDJPY 113.44

    USDCAD 1.3377

    USDCHF 0.9930

    GBPAUD 1.7390

    GBPCAD 1.6766

    GBPCHF 1.2447

    GBPHKD 9.7168

    EURHKD 8.7792


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