• Pound under pressure as we wait on BOE

    The combination of a firmer US Dollar, Brexit uncertainty and today's latest interest rate decision/Inflation Report from the Old Lady has seen the Pound give up more of the recent gains as another reality check kicks in. No change in rate is expected and I've read a few reviews of the BOE outlook suggesting they will veer to the hawkish side which I just can't see. The BOE,like many CBs, are between a large rock and a very hard place and I continue to see dovish/cautious rhetoric as their preferred position.

    Meanwhile today UK PM May heads back for talks with the EU and tones from Tusk & Co continue to be confrontational. More talk of the Brexit deadline being extended but one wonders to see what good,if any, it will do.

    GBPUSD has fallen through 1.2900 this morning after failing to rally back above 1.2980 yesterday and eventually clearing out the decent support/bids around 1.2925. EURGBP remains underpinned but fallen back a little as EURUSD retreats and plays catch-up. I remain GBP bearish overall and continue to rally-sell.No change as far as I'm concerned right now but we will remain cautious of Brexit and BOE news bombs today.

    EURUSD has now also fallen through decent support at 1.1350 amid the general USD demand while USDJPY duly found support into 109.50 and rallied back through 110.00 only to retreat and rally again amid firmer USD and fragile risk sentiment tones. USDCHF remains underpinned with EURUSD still fragile and EURCHF again finding dip demand with SNB ever-watchful.

    AUDUSD continues to look soggy after those RBA comments, and on a softer Gold/firmer USD combo too.USDCAD has been on the march higher with the general USD demand and oil ranging tightly helping to weaken the Canadian $.

    Fickle Forex markets ever prevailing so be ready with your entry/exit levels and orders as always. I will try and provide a post-BOE update if there's anything of note.

    Have a good day one and all.

    Twitter: @MSPFX and @MikePatersonFX

    Interbank Rate 08.50 GMT

    GBPUSD 1.2903

    EURUSD 1.1342

    EURGBP 0.8792

    GBPEUR 1.1372

    GBPAUD 1.8165

    GBPCAD 1.7077

    GBPHKD 10.053

    USDJPY 109.97

    EURJPY 124.72

    GBPJPY 141.82

    AUDUSD 0.7097

    EURCHF 1.1374

    USDCAD 1.3240

    USDCHF 1.0027

    EURHKD 8.7958

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