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  • Writer's pictureMike Paterson

Better risk sentiment helps support core pairs

FX markets we know are nothing if not fickle and we're currently seeing greater levels of risk in play with Yen and Swiss Franc selling notable as equities rally and safe-haven need fades. Better economic data from around the globe this week helping to provide some cheer.

GBPUSD tested the 1.3400 sell interest again yesterday after better UK services sector PMI data before dropping back but has now taken out the level to post 1.3430 helped by GBPJPY demand.Immediate support/buying now between 1.3380-00 then 1.3340-50.Sell interest nearby around 1.3425-30 still with option expiry interest at 1.3425 in play  then 1.3450. Keep selling those rallies while respecting the dip demand for the moment too as I've been mentioning.

EURGBP has been ranging still with EURUSD also rallying. Buyers poised into 0.8730 STILL then 0.8700. Sellers into 0.8800 then 0.8830. Overall the Pound has made a few gains but remains fragile with sellers poised still.

EURUSD has been up to test 1.1770 helped by EURJPY demand before falling back with large option contract interest today at 1.1800 helping to cap rallies. Buyers into 1.1720 and 1.1700 with larger interest into 1.1680. Sellers poised between 1.1780-00 and 1.1830

USDJPY has rallied further to post 110.15 as safe-haven Yen demand fades again . Buyers now into 109.80 then 109.50. Sellers at 110.30 still then 110.50. USDCHF has found some dip demand again with EURCHF steadier again but facing some sell interest into 1.1600 and EURUSD demand helping to cap USDCHF.

The Aussie and NZ$ remain underpinned with AUDUSD finding buyers after decent GDP data. Buyers at 0.7620 and 0.7600 then 0.7580.Sellers 0.7680-00. The Canadian $ is still making its mind up. USDCAD buyers still around 1.2900 then 1.2880 and 1.2860. Sellers 1.2980-00 and 1.3030

We're still ranging behind all the noise so get your orders into take full advantage of the limited moves.

Have a good day out there one and all.

Interbank Rate 08.11 BST GBPUSD   1.3413 EURUSD   1.1747 EURGBP   0.8760 GBPEUR   1.1414 USDJPY   110.05 USDCAD   1.2934 USDCHF   0.9845 GBPAUD   1.7518 GBPCAD   1.7344 GBPCHF   1.3199 GBPZAR   17.0999 GBPHKD   10.3991 EURHKD   9.1108

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