• Someone's pressed the pause button again

    Trump arrogantly/ignorantly dismisses climate change at Davos as his own impeachment trial gets underway, markets try and evaluate the threat of coronavirus still and the Pound runs into BOE rate-cut doubters again. Risk sentiment overall continues to be flaky and rightly so.

    GBPUSD duly held 1.3080 yesterday after the wages/jobs data-led rally which gave more credence to doubts of a rate cut from the BOE next week (something I've warned of previously too) but sellers have re-appeared and good two-way business prevails.EURGBP has fallen through 0.8500 as core pairs diverge but holding support at 0.8480-85 at the moment (GBPEUR sellers 1.1790-00).GBPJPY has found a base around 143.00 now with USDJPY holding 109.80 but rallies tempered by core pairs finding rally sellers 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.

    EURUSD has remained tightly bound between 1.1070-00 as cross-play interest provides both sellers and buyers but still on the back foot. USDJPY capped at 110.10 and has fallen to test the good line at 109.80 again helped by the risk-adverse plays. EURJPY remains tightly bound with the JPY demand and EURUSD failing to rally too far.

    USDCHF still finding support in the dips with the SNB never far away and some general USD demand prevailing and now back up through 0.9700 with EURCHF also underpinned again.

    AUDUSD has now broken down through the good demand at 0.6835 helped by some AUDJPY supply amid the Chinese/regional coronavirus concerns but still finding some dip demand all the way down as we wait on more data tonight. USDCAD is still tightly bound but now rising a little further to test 1.3100 elped by a further oil price fall and CADJPY supply. BOC interest rate and policy decision today at 15.00 GMT after the latest CPI data at 13.30 GMT. Expectations are for no rate cut but the jury firmly out on whether we see more hawkish or dovish tones.

    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: 08.40 GMT

    GBPUSD 1.3045

    EURUSD 1.1078

    EURGBP 0.8536

    GBPEUR 1.1773

    GBPAUD 1.9081

    GBPCAD 1.7059

    GBPJPY 143.43

    GBPZAR 18.8696

    GBPHKD 10.1138

    USDJPY 109.95

    USDZAR 14.4536

    EURJPY 121.82

    EURCHF 1.0766

    EURHKD 8.5905

    AUDUSD 0.6837

    USDCAD 1.3076

    USDCHF 0.9718

    0 Comments

social_rss_box_orange
official partner advert

Proud supporter of

tel
emailsymbol

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.

Euros-1024x683
003-paradise-island-x

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