• Risk sentiment sours again as markets remain fragile

    Equities and oil lower initially lower as European trading got underway as the world remains in a state of flux and some. Risk-off sentiment generally prevails again and we're seeing some safe-haven plays with JPY in demand more so than Swiss Francs with the SNB ever watchful. Meanwhile the Pound continues to trade tightly in the aftermath of May's No Confidence motion win by 325-306. Lots of hot air/promises atm on where they go next with much negotiation still to be done. US ADP employment change the main data focus today at 13.30 GDP

    GBPUSD has found dip buyers into 1.2830 again this morning after yet another failure into 1.2900 while EURGBP has a few bids still building around 0.8830 (GBPEUR sellers at 1.1325) and has survived another test.

    I remain GBP bearish overall and happy to jump on rallies then buy back in the dips.

    EURUSD has had another wobble lower to post fresh recent lows of 1.1371 but dip demand noted again while

    USDJPY duly found sellers above 109.00 again helped by the risk-off sentiment .

    USDCHF remains underpinned despite some increased risk-off sentiment with EURCHF finding dip-demand again now into 1.1270 but equally finding rally sellers still too.

    AUDUSD has fallen again to post new recent lows of 0.7147 but some dip demand around 0.7150 as I've been highlighting and that's helping to contain losses but the Aussie $ remains fragile with China/USDCNH still casting its shadow. USDCAD has rallied above 1.3300 on a lower oil/CAD-JPY selling combo but currently retreating as I type as we see risk plays return in last few minutes with equities and oil steadying.

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

    I wish you a good day ahead.

    Twitter: @MSPFX and @MikePatersonFX

    Interbank Rate 08.14 GMT

    GBPUSD 1.2848

    EURUSD 1.1387

    EURGBP 0.8868

    GBPEUR 1.1276

    USDJPY 108.72

    EURJPY 123.78

    GBPJPY 139.56

    AUDUSD 0.7153

    EURCHF 1.1291

    USDCAD 1.3301

    USDCHF 0.9818


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