• Pound falls again as Brexit concerns continue

    After a period of "what happens next?" and the Pound in tight mode we've now seen the Brexit reality-check kick in again helped by Trump expressing concerns of his own over future trade deals. The Withdrawal Agreement gets its Commons vote on 11th December and May has a real job on her hands still. All contrived by May and her Remainers to produce a no deal/second referendum scenario? We will probably never know for sure but the markets are starting to see that whatever transpires now leaves the UK in a real place of uncertainty, something I've been banging on about for a long time.

    GBPUSD yesterday failed above 1.2850 and has traded down to weekly lows of 1.2735 this morning in a fairly steady line not only on the Brexit-based wobbles but also by helped the end-of month EURGBP demand expectation as I pointed out again yesterday. Immediate offers now at 1.2760 and 1.2780 then larger at 1.2800,1.2820 and 1.2850. Bids/demand building around 1.2720-30 then larger at 1.2700, 1.2680 and 1.2650 still.I remain GBP bearish overall and happy to jump on rallies then buy back in the dips while remaining core short, a strategy that continues to work well.

    EURGBP has duly found support at the 0.8830 area I've mentioned a few times on the general GBP weakness and with that month-end BUBA demand in play again. Immediate bids/demand now around 0.8850 then the decent buy interest again poised around 0.8830 and 0.8800 with sellers still at 0.8880, 0.8900 and 0.8920.

    EURUSD has been in general retreat again, helped by some better Greenback sentiment and on-going focus on Italy,and now broken down through the 1.1320 support area to test the next lines at 1.1300.Immediate demand/support there then 1.1280 and 1.1250 still with sell interest building at 1.1330 and 1.1350 then 1.1375-80 and and 1.1400.

    USDJPY dipped to 113.17 before finding dip demand yet again and has now climbed to post 113.66 this morning helped by some positive US-China trade talk ahead of this week's G20 meeting and fringe discussions between Trump and Xi. Bids building now at 113.40 then 113.20, 113.00 and 112.75-80 still with offers into 113.80, 114.00 and 114.20. I remain a rally seller for the moment buying back in the dips.

    USDCHF remains underpinned possibly with some SNB smoothing assistance and has now held 0.9960 to post 1.0003 . EURCHF similarly has so far held around 1.1300 again but sellers remain poised.Bids/support now at 1.1300 then 1.1280 and 1.1250 with USDCHF demand now at 0.9980 then 0.9960 and 0.9930. Sellers poised at 1.1330 then 1.1350-60 still and 1.1380 with USDCHF supply now at 1.0020 and 1.0050. I'm happy to trade both sides of the price action at the moment in these tight ranges.

    AUDUSD yesterday failed into the 0.7280 offers/resistance and fell back through 0.7230-50 support to test the larger bids at 0.7200 before bouncing back to 0.7270 this morning on those trade-positive headlines given Australia's close China alignment/dependency. It didn't stay up there for long though and sellers have once again prevailed. Bids now at 0.7220 then the larger interest at 0.7200 and 0.7180 still with those 0.7280 sellers again lurking then 0.7300. USDCAD has rallied again on the USD-demand/oil price fall double-whammy.Buyers lining up at 1.3230 then 1.3280 and 1.3160 with sellers still poised around 1.3280 and 1.3300.

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

    Tonight the currently less than mighty Shrimpers of Southend United FC return to the hallowed Hall and we can only hope for signs of improvement.

    Have a good week out there one and all.

    Twitter: @MSPFX and @MikePatersonFX

    Interbank Rate 08.11 GMT

    GBPUSD 1.2743

    EURUSD 1.1307

    EURGBP 0.8874

    GBPEUR 1.1267

    USDJPY 113.58

    USDCAD 1.3267

    USDCHF 1.0001

    GBPAUD 1.7616

    GBPCAD 1.6903

    GBPCHF 1.2743

    GBPHKD 9.8796

    EURHKD 8.7687

    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