• Ranging again with all eyes on the Fed

    Yep, move over Mrs May it's the US Federal Reserve that's going to hog your headline space today and with good reason.The US Fed may be widely expected to hike interest rates but as I've said already this week it's by no means certain given recent data and comments from both Trump and the Fed itself. Markets have factored in a hike for a while now so the risk is to the other side and the US Dollar softness is reflecting potential dovish tones next year if not today.

    GBPUSD rallied to test the strong resistance/sell interest I've been highlighting at 1.2700 but since found good support at 1.2630. I remain GBP bearish overall and happy to jump on rallies then buy back in the dips.EURGBP remains underpinned still with buy interest now building at 0.8980 and we've been up to 0.9015 (GBPEUR down to 1.1092)

    EURUSD has rallied again on the USD supply to post 1.1406 but sellers still poised while USDJPY has fallen further to post 112.20 amid the general softer USD sentiment as we wait on the Fed.USDCHF has fallen again too but found a few buyers again into 0.9900 with EURCHF also finding dip demand again.

    AUDUSD has found support around 0.7170 yet again but finding sellers around 0.7200 while USDCAD has also found itself heading higher again with the softer US$ being overtaken now by continuing falling oil prices.

    Fickle Forex markets ever prevailing so be ready with your orders if you business to execute and don't get greedy.

    Have a good day out there one and all.

    Twitter: @MSPFX and @MikePatersonFX

    Interbank Rate 08.14 GMT

    GBPUSD 1.2658

    EURUSD 1.1368

    EURGBP 0.8981

    GBPEUR 1.1133

    USDJPY 112.50

    USDCAD 1.3401

    USDCHF 0.9916

    GBPAUD 1.7586

    GBPCAD 1.6963

    GBPCHF 1.2550

    GBPHKD 9.8137

    EURHKD 8.8150

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