• New year but same old fragile conditions

    Equity markets and oil prices are under pressure again as we say hello to 2019 and risk sentiment still remains extremely wobbly and the jury undecided on future US$ direction.

    GBPUSD rallied to test 1.2820 on Monday on a softer US$/month-end fix related combo but this morning has fallen rapidly from 1.2760 to 1.2695 driven by GBPJPY selling as Yen demand prevails again.I remain GBP bearish overall and happy to jump on rallies. Same old scene for me as we begin 2019.

    I warned on Monday that I felt the EURGBP month-end demand had seemingly been done given the holiday period and we duly fell through the 0.8950 bids on the general GBP demand only to run into the previous support lines around 0.8930 before rallying once more and now posting 0.9010 (GBPEUR down to 1.1098) as I type.

    EURUSD remain underpinned but has found 1.1500 a step too far again while USDJPY continues to fall with Yen demand still notable on the fragile risk conditions. USDCHF also remains undermined and now testing 0.9800 but still finding some degree of support from EURCHF dip demand this time around 1.1230 with the SNB seemingly ever-watchful.

    AUDUSD failed above 0.7060 and has now fallen again to test 0.7000 helped by some AUDJPY supply and remains fragile as I've been warning while USDCAD remains underpinned as oil prices remain fragile.

    Fickle Forex markets ever prevailing and liquidity remains thin with many institutional desks not fully ramped up until Monday so be ready with your orders as always.

    The mighty Shrimpers of Southend United found themselves back at the hallowed Hall yesterday and in a bizarre ending ran out 2-0 winners for 3 very welcome points. Good times!

    Happy New Year one and all, and I look forward to being of continued assistance.

    Twitter: @MSPFX and @MikePatersonFX

    Interbank Rate 08.45 GMT

    GBPUSD 1.2702

    EURUSD 1.1441

    EURGBP 0.9007

    GBPEUR 1.1098

    GBPAUD 1.8105

    GBPCAD 1.7287

    GBPHKD 9.8463

    USDJPY 109.03

    EURJPY 124.80

    GBPJPY 138.48

    AUDUSD 0.7017

    EURCHF 1.1237

    USDCAD 1.3617

    USDCHF 0.9816

    EURHKD 8.8721

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