• Ranging still as some risk-on sentiment returns

    A steadier tone to risk sentiment for the moment again but currency pairs all trading tightly still. GBP remains range bound amid a run of key data with UK inflation numbers the next off the ramp at 09.30 GMT today. FOMC Minutes get delivered at 19.00 GMT.

    GBPUSD has held above the key 1.2960-70 support area and now been back up to look at 1.3020 but sellers poised up there as we wait on the UK inflation data. EURGBP found support around the 0.8285 bids yesterday but equally rally sellers also poised. GBPJPY has bounced again amid the better risk sentiment in this ever fickle world of FX but sellers also poised still.

    I stay poised to sell GBP rallies and buy back in the dips as ever.Still ranging overall. Be ready with your entry/exit levels at the data releases and let the algos do the work as ever.

    EURUSD remains soggy but holding the next line of support at 1.0780 so far helped now by some renewed EURJPY and EURCHF demand too with the SNB keeping an eye on 1.0600 imho as per my tweet yesterday. EUR rally sellers poised though. USDJPY is finding support above 109.70 still but rally sellers still lurking. Support now at 109.80-85 with $2.2bln expiries in that range today.EURJPY also firmer after testing those bids around 118.50 but EUR softness still tempering gains.USDCHF continues to find support but rallies tempered again by some EURCHF supply albeit still holding around 1.0600 with the SNB casting a shadow still.

    AUDUSD has held 0.6680 again helped by some risk-on AUDJPY demand and those large option expiries at 0.6700 today which has proved the magnet we expected in this mornings rally to 0.6704. USDCAD also remains range bound still with 1.3225-30 holding again but equally sellers still poised above 1.3270 with large expiries today at 1.3280-85.

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

    Gutted for the youngsters at Southend last night. Lost 0-1 but totally undeserved. We go again on Saturday.

    Have a good day out there one and all.

    Twitter: @MSPFX and @MikePatersonFX

    Interbank rates: 08.29 GMT

    GBPUSD 1.3007

    EURUSD 1.0803

    EURGBP 0.8304

    GBPEUR 1.2041

    GBPAUD 1.9420

    GBPCAD 1.7213

    GBPJPY 143.21

    GBPZAR 19.3712

    GBPHKD 10.0843

    USDJPY 110.09

    USDZAR 14.9305

    EURJPY 118.94

    EURCHF 1.0618

    EURHKD 8.3749

    AUDUSD 0.6698

    USDCAD 1.3233

    USDCHF 0.9828


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