• Wobbly risk sentiment again and the Brexit debacle continues

    I've been warning for a while now that it's all very fragile out there still and we've seen risk-off sentiment return as equities and bond yields fall again amid the global uncertainty. Meanwhile Brexit continues to grab the headlines with the indicative votes from MPs being a complete waste of time and May said she would stand down if her Withdrawal Agreement was passed, producing turncoats a-plenty but not the DUP who remain (sic) critical to the exit/no exit process.

    GBPUSD has been trading up n down wonderfully again and extended to 1.3130-1.3270 amid the latest uncertainty.EURGBP has tested support at 0.8480-85 (GBPEUR resistance at 1.1785) but a combination of the usual month-end demand and GBP selling has produced a decent rally now to 0.8558 (GBPEUR down to 1.1685).

    I remain GBP bearish overall and continue to rally-sell as my preferred strategy. I see risk to the downside still but I continue to see good two-way business as the Brexit chaos takes fresh twists and turns.

    EURUSD remains under pressure as I've been warning but continues to hold 1.1230 with the Euro's usual dip-demand prevailing for the moment. Softer risk sentiment has helped the Yen generally and USDJPY has been down to test to 110.00 after a hold around 110.30 yesterday only managed to rally as far as 110.50

    USDCHF has found itself underpinned still as EURUSD falls but tempered by EURCHF falls albeit with dip demand as the SNB remain ever-watchful. AUDUSD has found itself ranging still with AUDJPY selling notable and helping to cap but equally some dip demand still lurking given we tested 0.7150 earlier this week.

    USDCAD also continues to range and after failing above 1.3430 we've been back down to 1.3400.

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

    So Southend have now finally sacked the manager Chris Powell and it's a sad ending for a club legend but somehow inevitable. Let's hope the decision saves our season at least.

    Have a good day out there one and all.

    Twitter: @MSPFX and @MikePatersonFX

    Interbank Rate 07.55 GMT

    GBPUSD 1.3167

    EURUSD 1.1240

    EURGBP 0.8535

    GBPEUR 1.1714

    GBPAUD 1.8556

    GBPCAD 1.7665

    GBPZAR 19.2385

    GBPHKD 10.1797

    USDJPY 110.03

    USDZAR 14.6302

    EURJPY 123.67

    GBPJPY 144.87

    AUDUSD 0.7093

    EURCHF 1.1188

    EURHKD 8.6902

    USDCAD 1.3421

    USDCHF 0.9955

    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