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  • Writer's pictureMike Paterson

All eyes on Jackson Hole still

Wednesday 26 August 2020

There's still lots of good two-way business at the moment amid the variable USD sentiment as we wait on the Jackson Hole virtual symposium starting with US Federal Reserve Chsirman Powell's keynote speech tomorrow (Thursday) at 13.10 GMT. The full agenda/list of speakers is being released at 00.00 GMT tonight.

GBPUSD found support at 1.3080 and amid the better risk/GBPJPY demand/EURGBP supply and finally broke up through 1.3150 but failed at 1.3170. Caution required again for the moment for sellers as we see these rising bases again. EURGBP found itself on the back foot amid some general EUR selling to finally break down through the 0.9000 support to test 0.8980 again. Dip demand expected for the moment as month-end approaches.GBPJPY found a new base at 138.80-00 amid the better risk tones and made a steady path higher to test that line at 140.20 again before retreating but since finding good demand at 139.60.

I stay poised to sell GBP rallies overall as my preferred side and buy back in the dips as ever.Patience will continue to be a virtue and entry level key as always. I still expect to continue seeing dip demand though as we continue to range.

USDJPY has found a fresh base at 106.20 and posted new recent highs of 106.56 before retreating back to test 106.20 as I type.EURJPY also made good gains amid the better risk to post 126.14 but since back down through 125.50 as the Euro remains a little soggy overall and risk wobbles.

EURUSD continues to trade tightly amid the variable risk and cross-pair impact awith another failure into 1.1850 helped by some large option expiries yesterday but finding demand around 1.1790-00 now.USDCHF posted lows of 0.9072 as EURUSD rallied but similarly now back up to 0.9110 on the reverse move with EURCHF once again the anchor.

AUDUSD based at 0.7150 and now back above 0.7200 as we continue to range while USDCAD capped again at 1.3230 but found suppoer this time at 1.3160 as we continue to range amid steady oil prices and variable risk/USD sentiment.

Markets are ever-fickle so don't forget to contact me if there's areas of trading these markets that you might need some further help with.

Let's continue to be careful out there in all things. Staying safe must be our main priority still.

Interbank rates:  08.42 BST

GBPUSD   1.3154

EURUSD   1.1824

EURGBP   0.8987

GBPEUR   1.1125

GBPAUD   1.8267

GBPCAD   1.7345

GBPJPY   139.81

GBPZAR   22.0770

GBPHKD   10.1983

USDJPY   106.28

USDZAR   16.7782

EURJPY   125.60

EURCHF   1.0755

EURHKD   9.1670

AUDUSD   0.7200

USDCAD   1.3192

USDCHF   0.9102

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