• Pound steadies as May wins No-Confidence vote

    Yesterday PM May duly won a no-confidence vote, as was widely expected but nothing guaranteed of course, and the Pound has found a few buyers again as one uncertainty gets resolved. That's not to say that all is sorted but it does mean that her leadership can not be contested for another year. There still remains the risk of a no-confidence vote on the government if May fails to appease her opponents on the Brexit "deal"

    GBPUSD has now been back up to 1.2664 this morning as I type and looks underpinned for the moment but sellers, including me, will remain poised with Brexit still the main risk factor.

    EURGBP has come down to post 0.8987 (GBPEUR up to 1.1128) and generally the Pound has made gains too.

    EURUSD had another look below 1.1320 but held and now been back up to 1.1387 helped by some EURJPY and EURCHF demand on better risk sentiment to offset the EURGBP selling. USDJPY has tested 113.50 and still looks supported into 113.00 but sellerss still poised too. USDCHF has also risen to 0.9942 before also finding sellers EURCHF also supported but still capped above 1.1310. Sellers remain poised on both even if the SNB will still look to "smooth" the declines.

    AUDUSD seems to have support at 0.7200 also helped by some AUDJPY demand while USDCAD has found itself a tad lower and still torn between the US$ and oil price fluctuations.

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

    Have a good day out there one and all.

    Twitter: @MSPFX and @MikePatersonFX

    Interbank Rate 07.45

    GBPUSD 1.2653

    EURUSD 1.1383

    EURGBP 0.8995

    GBPEUR 1.1116

    USDJPY 113.37

    USDCAD 1.3350

    USDCHF 0.9918

    GBPAUD 1.7473

    GBPCAD 1.6896

    GBPCHF 1.2555

    GBPHKD 9.8098

    EURHKD 8.8250


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