A mixed bag still as another week closes
Friday 12 April 2019
We've seen a mix of notable moves (all relative these days) and range trading as another week in the ever fickle world of Forex comes to a close.
GBPUSD continues tightly bound as today's Brexit date comes and goes. Now extended to 31 October Parliament will be on holiday next week after all so we'll expect a few sound bites but nothing of real note as the debacle rolls on.EURGBP also remains tightly bound and still underpinned by the GBP supply/EUR demand scenario.
I remain GBP bearish overall and continue to rally-sell as my preferred strategy but I continue to respect the two-way business amid the Brexit chaos. Plenty more to come now in the weeks ahead and the algos will continue to feed off the headlines.
EURUSD continues to trade tightly but underpinned still helped by option expiry support, EURJPY M&A demand and Asian fix buying seeing a sharp rally to 1.1295 from 1.1260 before being capped y 1.1300 sell interest. USDJPY made steady gains amid that M&A Yen selling and preliminary US-Japan trade talk sound bites but rally sellers remain poised.USDCHF remains underpinned as EURUSD firms but ranging tightly and EURCHF still finds support around 1.1280 as the SNB remain ever-watchful.
AUDUSD remains range bound amid RBA rate cut talk versus positive Chinese data while USDCAD also still making its mind up amid the USD and oil uncertainty and has failed into 1.3400 but remains supported at 1.3300.
Fickle Forex markets ever prevailing so be ready with your entry/exit levels and orders as always.
I am now heading away for my long week-end break as previously notified and my next update will be Tuesday. Please contact my rate providers directly should you need to trade.
Tomorrow the mighty Shrimpers of Southend return to the hallowed Hall and my deliberately chosen week-end destination will allow me to make a 1hr 45min drive to be there and cheer the boys on in these much needed times. A must-win game so bring it on!
Have a good day out/week-end out there one and all.
Interbank Rate 06.13 BST