All ranging still as a new week gets underway
Monday 8 April 2019
Friday's US labour report showed stronger employment numbers but softer wages and with Trump once again calling for lower interest rates the Greenback remains in mixed mode. The Pound is also chasing its tail as the next Brexit deadline looms on Friday with seemingly no progress made on any front.
GBPUSD had a quick dip below 1.3000 again on Friday but we've seen a steady climb since before failing at 1.3072. Good two-way business still.EURGBP rallied on the Pound's fall but failed around 0.8630 (GBPEUR support 1.1585) before retreating and holding 0.8590 so far (1.1640).
I remain GBP bearish overall and prefer to rally-sell as my preferred strategy but I continue to respect the two-way business amid the Brexit chaos. Plenty more to come this week and the algos will feed off any headlines.
EURUSD continues to trade tightly after another failure around 1.1250 on Friday and support at 1.1200. USDJPY is also going nowhere in a hurry on the mixed risk sentiment/data combo and ranging 111.30-80 for the moment.USDCHF has also been tightly bound with those 0.9960 bids still helping to underpin as EURUSD ranges tightly and EURCHF finds support around 1.1200 still with the SNB remain ever-watchful.
AUDUSD remains range bound with large option expiries at 0.7150 today and support at 0.7080. USDCAD has also been making its mind still as the general uncertainty continues amid variable oil prices and CADJPY action.
Fickle Forex markets ever prevailing so be ready with your entry/exit levels and orders as always.
The Shrimpers of Southend travelled north on Saturday under new management and duly responded with a well-earned point albeit having sadly given up a 2-1 lead. Every game crucial now but none more so than the next two and we'll keep believing we can stay up.
Have a good day/week out there one and all.
Interbank Rate 08.28 BST