• Move over US Fed, here comes the Old Lady

    Last night the US Federal Reserve kept interest rates on hold and remained cautious as expected but it's the Coronavirus growth that continues to grab most of the headlines with risk sentiment fragile still.

    Today we have the keenly anticipated interest rate decision from the BOE at 12.00 GMT. Will they cut ? Should they hold ? How much of either decision is factored in ? I'll send a few thoughts prior.

    GBPUSD meanwhile has understandably traded tightly amid the conjecture but still holding 1.3000-1.3030. EURGBP held 0.8450 and rallied to 0.8472 on the month-end Bundesbank demand but remain tightly bound ahead of the BOE too.GBPJPY remains on the back foot overall and now breaking down through that decent demand/support around 141.50 as I type amid the further risk-off sentiment.

    I stay poised to sell GBP rallies overall and buy back in the dips as ever but continue to see some good two-way business as we continue in these tight ranges and with the BOE looming large. The UK leaving the EU tomorrow continues to be one of the great unknowns as we look further down the line.

    EURUSD remains on on the back foot but still tightly bound with large option expiries today containing moves.

    USDJPY also remains under pressure on the fragile risk overall still but holding 108.75-80 again for the moment with those bids still providing good support. EURJPY is still holding 119.80 but rally sellers remain ready too amid the softer risk plays and general sogginess in core pairs atm but both still with dip demand currently at key levels and those EURUSD options in play too. USDCHF has duly found more CHF buyers and capped above 0.9760 amid the softer risk sentiment but it seems to me that the SNB defence remain poised.

    AUDUSD has retreated again amid the Coronavirus growth and some on-going dovish expectations from the RBA meeting next week. USDCAD has rallied again on the risk-off softer oil/CADJPY supply double whammy and now broken up through 1.3200 after holding 1.3175-80.

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

    Don't forget that I offer 1-2-1 mentoring if there's areas of trading these tight ranges, or how to make best use of the order boards and expiries, that you might need some further help with.

    Have a good day out there one and all.

    Twitter: @MSPFX and @MikePatersonFX

    Interbank rates: 07.15 GMT

    GBPUSD 1.3001

    EURUSD 1.1008

    EURGBP 0.8467

    GBPEUR 1.1809

    GBPAUD 1.9324

    GBPCAD 1.7180

    GBPJPY 141.51

    GBPZAR 19.1020

    GBPHKD 10.0797

    USDJPY 108.84

    USDZAR 14.7044

    EURJPY 119.82

    EURCHF 1.0702

    EURHKD 8.5356

    AUDUSD 0.6727

    USDCAD 1.3214

    USDCHF 0.9721


official partner advert

Proud supporter of


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.


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