• Risk sentiment sours again

    Now it's the threat of Coronavirus that has now spread to three countries that has tilted the scales to the risk-off side as the world remains a fragile place. Risk sentiment prevailing again as that's witnessing some safe haven currency demand with JPY the biggest gainer and equities/oil lower.

    Meanwhile the Pound has found a few buyers again as the perception of either no rate cut from the BOE next week ( I mentioned my doubts on a cut yesterday) or else we're in a sell rumour/buy fact scenario albeit with the announcement still a way off but looming large given the recent sell interest/expectations.

    GBPUSD duly held 1.2960 yesterday (I warned of good two-way business again) and we've been back up to 1.3022 but sellers remain poised.EURGBP has been tightly bound again but a tad softer as the GBPUSD rally outstripss EURUSD.

    GBPJPY has found a base around 142.80 but rallies tempered by USDJPY capping into 110.30 again and the general risk-off sentiment. .

    I stay poised to sell GBP rallies overall and buy back in the dips as ever but continue to see some good two-way business as we continue in these tight ranges. UK wages and jobs data just out have come in better than expected and given the Pound a small lift.

    EURUSD has remained tightly bound between 1.1080-00 as cross-play interest provides both sellers and buyers while

    USDJPY capped into the pivotal 110.30 again and has fallen to post 109.90 on the risk-adverse plays. The BOJ kept rates on hold and provided the usual hot air but did raise GDP forecasts while lowering CPI estimates.

    EURJPY remains tightly bound still but a tad softer with the JPY demand and EURUSD failing to rally too far. USDCHF still finding some support around 0.9660 helped by the EURUSD softness but with sellers still poised as EURCHF remains on the weak side.

    AUDUSD has now broken down through the good demand at 0.6850 helped by some AUDJPY supply but buyers lurking not too far away.USDCAD has found support around 1.3050 again and now rising to test 1.3080 helped by the oil price fall and CADJPY selling.

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

    Have a good day out there one and all.

    Twitter: @MSPFX and @MikePatersonFX

    Interbank rates: 08.28 GMT

    GBPUSD 1.3005

    EURUSD 1.1088

    EURGBP 0.8548

    GBPEUR 1.1730

    GBPAUD 1.8992

    GBPCAD 1.7004

    GBPJPY 142.96

    GBPZAR 18.9037

    GBPHKD 10.0827

    USDJPY 109.93

    USDZAR 14.5350

    EURJPY 121.87

    EURCHF 1.0737

    EURHKD 8.5957

    AUDUSD 0.6847

    USDCAD 1.3074

    USDCHF 0.9685


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