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  • Writer's pictureMike Paterson

Another up and down day

Thursday 26 January 2023

We've seen another lively 24 hours with FX pairs still range-bound overall as the mixed USD tones and Central Bank/inflation second-guessing continue with US Fed looming next week. Month-end flow signals so far pointing to some USD supply so keep that in mind and into/around the 4pm London fixes too. Yesterday the Bank of Canada hiked by 0.25% as expected but said a pause now possible which caught markets a little on the hop.Where the BOC lead will the FOMC now follow.....?

Equities have rallied strongly while WTI fell has been tightly bound between $80.00-81.00 having held $79.50 but failing at $81.25. Gold finding support at $1925 again but failing into $1950 this time so still tightly bound. Ukraine/Russia war continues to be the elephant in the room amid other geopolitical risk as Germany and USA provide more tanks.

GBPUSD: Held 1.2280 in yesterday's initial retreat and then finally broke up through 1.2340 and then 1.2400 after an initial drop back to 1.2340. Up again though amid the general USD supply and EURGBP retreat and finally capping at 1.2430.Good two-way pips whatever your preference. Keep an eye on GBP crosses still. EURGBP: A decent retreat from 0.8850 yesterday before holding at the old 0.8780-00 support area.Expect some two-way business still as core pairs and CBs make their mind up but looking underpinned overall still. GBPJPY: Finding support at 159.50 then 160.00 again but rally failing above 161.00 again as the jury remains out.

EURUSD: A good hold of 1.0860 in yesterday's extended retreat but struggling to hold above 1.0920 again. USDJPY: A hold of 129.00 in the latest retreat before now testing 130.00 again amid some general USD demand and better risk JPY supply. EURJPY: Running out of steam at 141.80 after holding 140.80 in yesterday's extended retreat. Good two-way expected overall as markets remain ever-fickle.

Plenty more in my full report which you can read by emailing

Interbank rates: 08.45 GMT

GBPUSD 1.2392

EURUSD 1.0910

EURGBP 0.8800

GBPEUR 1.1363

GBPCAD 1.6603

GBPCHF 1.1378

GBPZAR 21.1447

GBPHKD 9.6520

USDJPY 129.83

EURJPY 141.60

EURCHF 1.0015

EURHKD 8.4963

AUDUSD 0.7107

NZDUSD 0.6486

USDCAD 1.3396

USDCHF 0.9183

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