• Pound retreats amid some US Dollar demand

    Some variable risk sentiment in the past 24 hours and USD buyers prevailing has seen the Pound suffers a few losses across various pairs as GBPUSD came back down through 1.2560 and EURGBP finally broke up above 0.8920, both levels I had highlighted here and tweeted frequently. Further warnings from BOE Governor Bailey about preparing for a No-Deal Brexit added to the reality check along with increased civil unrest on London's streets.

    Adding to the USD demand were better than expected ADP jobs numbers ahead of the key Non Farm Payrolls data tomorrow. Today's main event sees the latest ECB decision and press conference. Expecting no real change in policy but an increase in PEPP being reported and as always we wait to see what Lagarde can drop into the presser.

    GBPUSD held 1.2560 into the options expiry interest and immediately rallied to break up through 1.2600 before failing at 1.2615 and now testing 1.2500.EURGBP finally broke 0.8920 amid the general EUR demand and now testing 0.8960 (1.1160) adding the GBPUSD retreat.GBPJPY capped at 137.40 as risk appetite softened a little and GBPUSD fell back from 1.2600 but 136.40 holding for the moment.

    I stay poised to sell GBP rallies overall and buy back in the dips as ever but patience continues to be a virtue and entry level key as always. Starting to see some degree of reality check on recent GBP strength but some dip demand expected.

    USDJPY broke up through 109.00 after holding 108.50 amid the general USD demand but failing to make much progress so far with some JPY demand returning. EURJPY remains underpinned on core pair dip demand but capped so far around 122.50. EURUSD duly found itself contained by those large option expiries between 1.1210-20 but also rallied afterwards only to cap around 1.1250 where we have more expiries today between 1.1240-50 and now retreating through 1.1200 amid the general USD demand. USDCHF found sellersat 0.9650 as per my update yesterday but still holding 0.9600 after a retreat that also saw EURCHF fall back through 1.0800 to test the 1.0760 bids.Still expect SNB in the dips.

    AUDUSD held 0.6860 and saw another rally helped by some large AUDJPY demand again but failed at 0.6950 and fell to test 0.6880. USDCAD has been up to 1.3570 but fell to look at 1.3480 again as the BOC left rates on hold and repeated that 0.25% would be the floor. Been back to look at the pivotal 1.3530 amid the firmer Greenback and softer oil combo but falling again as I type.

    Let's continue to be careful out there in all things. Staying safe must be our main priority still.

    Twitter: @MSPFX and @MikePatersonFX

    Interbank rates: 08.35 BST

    GBPUSD 1.2516

    EURUSD 1.1207

    EURGBP 0.8952

    GBPEUR 1.1170

    GBPAUD 1.8164

    GBPCAD 1.6923

    GBPJPY 136.49

    GBPZAR 21.2978

    GBPHKD 9.6990

    USDJPY 109.03

    USDZAR 17.0183

    EURJPY 122.15

    EURCHF 1.0773

    EURHKD 8.6831

    AUDUSD 0.6892

    USDCAD 1.3517

    USDCHF 0.9615


official partner advert

Proud supporter of


Call us today: +44 (0) 1732 700 383

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