• Reality check risk-off sentiment returns

    US-China tensions and COVID-19 fallout concerns both escalating as I've been warning and the reality check has once again produced some further negative risk sentiment. Equities and oil both falling as has Gold after news that Russia had made no purchases in April all combining to see JPY and CHF demand again with core pairs as well as the crosses all making a decent retreat.

    GBPUSD duly failed into 1.2250 as per my tweets. We've now seen 1.2200 and 1.2180 break after soggy UK Retails Sales data this morning and helped lower by the GBPJPY supply to post 1.2163. EURGBP failed at 0.9000 (1.1110) again as EURUSD also failed once more at 1.1000 but finding a few buyers below 0.8950 atm with 0.8930 ( 1.1200) still a decent line in the sand.GBPJPY has fallen once again which obviously suits my core short positions but some USDJPY demand again at 107.30 has seen support building at 130.60.

    I stay poised to sell GBP rallies overall and buy back in the dips as ever but patience continues to be a virtue and entry level key as always.

    USDJPY has held 107.30 again after capping at 107.80 once more. Rinse n repeat.EURJPY held 118.50 and has broken back down through 117.80 on the risk-off plays and core pair rally supply but finding a little demand at 117.00-20 as I type with EURUSD holding 1.0900. EURUSD failed once again into the strong 1.1000 offers/resistance but has found good demand at 1.0900 on the retreat with the jury still out on the EU Recovery Fund.USDCHF found support into 0.9650 as EURUSD retreated from 1.1000 again but rallies tempered by EURCHF giving up gains above 1.0600 again. No doubt the SNB are still "smoothing".

    AUDUSD tried to hold 0.6550-60 but then broke down amid the increased risk-off plays ( mostly AUDJPY supply) to head down below 0.6520 this morning. Chinese retaliatory measures still in focus. USDCAD held 1.3900 and has rallied on the softer oil/firmer USD combo to post 1.4030 as I type.

    Let's continue to be careful out there in all things. Staying safe must be our main priority still. Make sure you get some rest at the week-end.

    Twitter: @MSPFX and @MikePatersonFX

    Interbank rates: 08.45 BST

    GBPUSD 1.2175

    EURUSD 1.0907

    EURGBP 0.8955

    GBPEUR 1.1166

    GBPAUD 1.8681

    GBPCAD 1.7078

    GBPJPY 130.85

    GBPZAR 21.6967

    GBPHKD 9.4393

    USDJPY 107.46

    USDZAR 17.8285

    EURJPY 117.15

    EURCHF 1.0593

    EURHKD 8.4536

    AUDUSD 0.6518

    USDCAD 1.4026

    USDCHF 0.9716


official partner advert

Proud supporter of


Call us today: +44 (0) 1732 700 383

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.


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