• Variable risk prevailing as another week closes

    Risk sentiment continues to be flaky as concerns remain over increasing numbers/spread of Coronavirus cases as the long Chinese New Year holiday period gets under way. We've seen JPY and CHF demand and reversals with a similar variable picture in equities, oil and gold.

    Today's UK flash PMI data at 09.30 GMT came out better than expected but jury remains out on next week's BOE rate decision. I still say they will hold off and keep their powder dry for more needed times ahead.

    GBPUSD held 1.3180 post-data and fell back below 1.3130 and EURGBP has broken down further to test 0.8385 but there's GBP buyers still lurking.EURGBP has also found some support after some better EZ PMI data this morning. A reminder that we still have month-end EURGBP demand from the Bundesbank to consider even with the UK due to Brexit on 31 Jan.GBPJPY found a base around 143.30 again and has now rallied to 144.48 as I type as the Pound rallies and USDJPY holds 109.50 and better risk sentiment prevails but still seeing good two-way business.

    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 and the BOE rate-cut conjecture continues. It's not so much about whether they will or not but as much about how much the market has in factored in by next Thursday.

    EURUSD has remained on the back foot with the ECB yesterday offering little to help the hawks and is still tightly bound as cross-play interest provides both sellers and buyers still but finding some support from that EZ PMI data.USDJPY yesterday fell to test the 109.30 bids/support on the wobbly risk move but has held well to post 109.63 as I type. EURJPY has also broken down through 121.00 but similarly dip buyers on core pairs remain poised to help contain ranges amid the variable risk plays. USDCHF has held 0.9680 as EURUSD falls but with EURCHF on the backfoot still and testing 1.0700.

    AUDUSD has fallen back amid the Chinese/regional coronavirus concerns after the failure to break up through 0.6880 post-jobs data. USDCAD has also retreated after failing above 1.3160 and we've seen a steady move down to look at 1.3120 as I type.

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

    No football for the soggy Shrimpers or me tomorrow so a welcome break from the current turmoil going on including lots of conjecture on players being shipped out to save costs/provide cash. In truth we've needed to trim our wage bill for many years but being held hostage now by current circumstances and a Chairman who has thought he can be a CEO too. Sadly not.

    England's cricketers are patiently waiting in the rain in SA so at least I'm not enduring sun-envy too!

    Have a good day/weekend one and all.

    Twitter: @MSPFX and @MikePatersonFX

    Interbank rates: 08.33 GMT

    GBPUSD 1.3135

    EURUSD 1.1052

    EURGBP 0.8414

    GBPEUR 1.1885

    GBPAUD 1.9164

    GBPCAD 1.7236

    GBPJPY 143.97

    GBPZAR 18.8233

    GBPHKD 10.1797

    USDJPY 109.63

    USDZAR 14.3525

    EURJPY 121.16

    EURCHF 1.0719

    EURHKD 8.5652

    AUDUSD 0.6853

    USDCAD 1.3125

    USDCHF 0.9700

    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