• Risk-on sentiment returns as a new month begins

    Welcome to another week, another month and British Summer Time.We have more indicative Brexit votes today as lawmakers once again try and reach some sort of consensus (albeit not binding) but after last week's abject failure and Friday's defeat for May's divorce deal yet again we're not going to hold out much hope of too much progress. Meanwhile elsewhere on the planet some upbeat data from China has helped settle equity/commodity markets and we've seen some risk-on sentiment return in this ever fragile and fickle world of Forex.

    GBPUSD had a brief look below 1.3000 on Friday but buyers at 1.2980 helped provide a base and with GBPJPY/GBPCHF demand returning and month-end EURGBP demand now out the equation, plus USD off its earlier highs generally we've seen a solid rally to post 1.3086 before running into the usual rally sellers, including me.

    EURGBP has tested fresh offers at 0.8630 before retreating amid the Pound demand but currently waning there too and now back above 0.8600 (GBPEUR down to 1.1627) as I type.

    I remain GBP bearish overall and continue to rally-sell as my preferred strategy and buy back in the dips. To repeat, I continue to see/respect the current two-way business as the Brexit chaos takes fresh twists and turns.

    If any companies on this list would like to take advantage of my 1-2-1 FX education services to help guide you through the current Brexit minefield then do contact me for further details.

    EURUSD found support into 1.1200 helped by large option expiry interest on Friday while some month-end USDJPY demand from importers helped underpin the pair again on Friday with the year-end repatriation having seemingly all been done prior understandably. Risk-on sentiment has since seen the pair rise to 111.19 before capping.

    USDCHF has also found itself underpinned still as EURUSD remains tightly bound and EURCHF finds support with the SNB remain ever-watchful. AUDUSD has found itself supported by AUDJPY demand and that better Chinese data and we saw an Asian-open gap higher to break through resistance around 0.7100-05 and the larger interest at 0.7120-25.

    USDCAD continues to range but capped by CADJPY and firmer oil prices and has failed above 1.3420 again to post lows of 1.3337.

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

    New temporary management but the struggling Shrimpers of Southend couldn't raise their game back at the hallowed Hall and duly lost 0-2. The relegation battle is well and truly on but we'll keep believing.

    Have a good day and week out there one and all.

    Twitter: @MSPFX and @MikePatersonFX

    Interbank Rate 08.30 BST

    GBPUSD 1.3070

    EURUSD 1.1239

    EURGBP 0.8596

    GBPEUR 1.1630

    GBPAUD 1.8333

    GBPCAD 1.7435

    GBPZAR 18.6560

    GBPHKD 10.1332

    USDJPY 111.02

    USDZAR 14.2692

    EURJPY 124.77

    GBPJPY 145.09

    AUDUSD 0.7130

    EURCHF 1.1180

    EURHKD 8.7130

    USDCAD 1.3340

    USDCHF 0.9949


official partner advert

Proud supporter of


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

Email : info@mspfx.co.uk

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