A new week brings same old uncertainty
Monday 23 September 2019
Yes folk, it's a new week but it's all a mess out there still and risk-sentiment looks soggy again capping core pairs. Weak Eurozone data this morning helping to push Euro pairs lower and less enthusiastic Brexit-deal tones from Johnson undermining the Pound again. US-China trade talks still up in the air and the world of oil still looks extremely slippery. Equities also in retreat.
Given my recent/ongoing steers I hope you've been able to take advantage of these latest moves.
GBPUSD has retreated to post 1.2423 after once again failing above 1.2500 on Friday so rally-sellers like me rewarded and dip-buyers poised. EURGBP remains range bound with the core pairs both falling and with month-end demand once again approaching to provide expected dip-demand as ever.GBPJPY has also been in retreat on the softer Pound/risk combo and has fallen back to test 133.50.
I will continue to rally-sell GBP as my preferred strategy amid all the uncertainty/indecision including Brexit/political fallout but happy to buy back in the dips as always.Rinse and repeat.Still no reason to change my view any time soon. The UK Supreme Court will deliver its verdict on the legality of Johnson suspending Parliament and whether he misled the Queen sometime early this week but reportedly not today and remains very much in the overall mix.
EURUSD has broken lower again helped by EURJPY and EURCHF supply and now with more soggy EZ data this morning we've posted fresh recent lows of 1.0966. USDJPY has also finally broken lower amid the risk-off sentiment and now testing 107.30 support.USDCHF has also dipped through 0.9900 again but finding support into the next layer of bids at 0.9880.
AUDUSD has tested 0.6750 helped by AUDJPY supply but holding for the moment while remaining on the back foot amid expectations of more cutting action from the RBA.USDCAD tested 1.3300 yet again on Friday but retreated to test 1.3250-60 once again before having another look higher in Asia and Europe this morning helped by some decent CADJPY demand.Still good two-way business expected amid the variable oil/USD/risk sentiment.
Fickle Forex markets ever prevailing so be ready with your entry/exit levels and orders as always.
Hold the front page!!The mighty Shrimpers get their first league win of the season, 1-0 away at MK Dons and well deserved too. A welcome no-nonsense approach watched by Henrik Larssen who is reported to be in the mix to be our next manager. Watch this space but I'm not convinced if it's the right appointment.
England's Rugby Union boys got off to a solid enough start albeit with too many handling errors, and Essex Eagles took the national T20 trophy and start their last Championship game today at Somerset in a head-to-head for the title. Exciting times are here again.
Have a good day/week out there one and all.
Interbank Rate 08.45 BST