• US Dollar a little softer with Fed in focus

    The US Fed may be widely expected to hike interest rates on Wednesday but as I said yesterday it's by no means guaranteed given recent data and comments from both Trump and the Fed itself. Amid further equity market wobbles yesterday we saw risk-off sentiment back in play and that softness in USDJPY and USDCHF has now spread into general USD supply with markets erring on the side of more dovish caution. Plenty of economic data out this week too plus Brexit constantly in the mix too of course and May has now said the key vote on her "deal" will be held on 14 Jan. A no-confidence vote in May or the government is unlikely to be taken prior.

    GBPUSD fell to test 1.2600 helped by GBPJPY supply but is currently back up posting 1.2662 as I type.I remain GBP bearish overall and happy to jump on rallies then buy back in the dips while remaining core short, a strategy that continues to work well.EURGBP remains tightly bound with buy interest at 0.8950 still with sellers around 0.9000-20

    EURUSD dip held 1.1330 and has now rallied on the USD supply to post 1.1377 but sellers remain poised while

    USDJPY has fallen to test 112.50 amid the risk-off sentiment/softer USD double-whammy.USDCHF has fallen to 0.9913 before also finding a few buyers again with EURCHF also finding buyers into 1.1250.Sellers remain poised on both even if the SNB will still look to "smooth" the dips.

    AUDUSD has found support around 0.7170 again but finding sellers around 0.7200 amid the soggy scenario in China and Xi offering little in his speech earlier while USDCAD has also found itself tightly bound but a tad higher again torn between the current softer US$ and oil price scenario.

    Fickle Forex markets ever prevailing so be ready with your entry/exit levels and don't get greedy.Get your orders in to take full advantage of these moves.

    Have a good day out there one and all.

    Twitter: @MSPFX and @MikePatersonFX

    Interbank Rate 08.14 GMT

    GBPUSD 1.2658

    EURUSD 1.1368

    EURGBP 0.8981

    GBPEUR 1.1133

    USDJPY 112.50

    USDCAD 1.3401

    USDCHF 0.9916

    GBPAUD 1.7586

    GBPCAD 1.6963

    GBPCHF 1.2550

    GBPHKD 9.8137

    EURHKD 8.8150

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