• Pound retreats on wobbly risk plays and Brexit concerns

    Friday saw a concerted sell-off in USD at the 4pm GMT fix as the last month-end flows were executed but with risk sentiment still on the back foot and with the fix moves overdone we've seen some retracement since Asia opened.

    The Pound has been in retreat all morning so far amid fears of an impasse between the UK and EU on post-Brexit trade talks with both sides due to unveil their plans in the next couple of hours.

    China's markets fell sharply, as expected with the PBOC trying, and failing, to set a mood of calm with a series of measures after the extended Lunar New Year break with coronavirus continuing to spread and we have another month beginning on the back foot.

    GBPUSD made steady gains on the USD Friday fix sales rising from 1.3140 to 1.3180 in a rush and then taking out the 1.3200 offers to post 1.3210 but rally sellers, including me, have once again taken good advantage. Currently posting 1.3114 as I type.EURGBP had a look below 0.8400 amid the general Pound demand but has since posted 0.8445 while GBPJPY has failed above 143.00 again and now posting 142.25 amid the softer risk sentiment and GBP retreat.

    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. Rinse n repeat.

    EURUSD enjoyed a decent rally on the USD fix sell-off but has failed around 1.1100 with some decent option expiries today (1.5bln) between 1.1075-00.USDJPY broke down through 108.50 to test 108.30 on the USD sales but those bids holding the fall so far but upside capped by the softer risk sentiment prevailing.EURJPY has also retreated to test 120.00 as sellers remain poised on both core pairs. USDCHF has found support at 0.9630 after Friday's sell-off that's been helped by EURCHF also retreating to post 1.0670 amid the softer risk too.Expect the SNB to remain ever vigilant.

    AUDUSD has remained on the back foot but hanging in there around 0.6680-00 for the moment amid the Coronavirus concerns and with the RBA rate decision looming large tonight.USDCAD looks underpinned still but trading tightly between 1.3200-1.3300 amid varying oil and risk sentiment.

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

    Glorious occasion at the hallowed Hall on Saturday as our youngsters did the Club proud and showed spirit and passion that's been sadly lacking from most of our senior players all season. Remember the name of 21-year old Elvis Bwomono who scored the 96th minute winner and has been voted Player of the Month a record 5 months in succession.

    Have a good day/week out there one and all.

    Twitter: @MSPFX and @MikePatersonFX

    Interbank rates: 08.22 GMT

    GBPUSD 1.3135

    EURUSD 1.1074

    EURGBP 0.8429

    GBPEUR 1.1859

    GBPAUD 1.9630

    GBPCAD 1.7403

    GBPJPY 142.48

    GBPZAR 19.5719

    GBPHKD 10.1719

    USDJPY 108.46

    USDZAR 14.9453

    EURJPY 120.12

    EURCHF 1.0670

    EURHKD 8.5874

    AUDUSD 0.6691

    USDCAD 1.3248

    USDCHF 0.9635

    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