Brexit and global trade wars still in focus but range-trading prevails
Wednesday 11 July 2018
After the Brexit fun and games of Monday yesterday saw two more high profile resignations but it's Trump who is stealing a few headlines on his European tour with more tirades over NATO contributions and trade.Cue a little risk-off sentiment but in these Summer markets we're seeing tight ranges prevail again.
GBPUSD held the 1.3220 support area I highlighted but similarly failed to get back above the 1.3300 sell interest.Immediate support/buying interest now around 1.3250 then at 1.3220 again, 1.3200 and 1.3180-85.Sellers poised around 1.3300 still then 1.3320 and 1.3350. Keep selling the rallies and buy back in the dips with the Brexit and UK government turmoil never far from the headlines.EURGBP has also been tightly bound with buyers still lining up between 0.8820-30, 0.8800 and 0.8785.Sellers now into 0.8860, 0.8880 then 0.8900
EURUSD remains underpinned with buyers around 1.1720 still then larger into 1.1700 and 1.1680. Sellers initially around 1.1760 then 1.1780-00 still.
USDJPY has found buyers around 110.80 again but rally sellers remain poised into 111.50 where large barrier option contract interest lurks. More buyers around 110.50-60 still then more interest bids around 110.30 and 110.00. Sellers around 111.20 still and 111.50. USDCHF has held 0.9900 once again but still trading tightly again with EURCHF holding back above 1.1600 but with sellers still poised above 1.1660.
Aussie, NZ and Canadian $ have also been ranging still. AUDUSD now has bids around 0.7400 then 0.7380. Sellers now between 0.7450-60 then 0.7480 and 0.7500. USDCAD buyers at 1.3100 still then 1.3080. Sellers around 1.3160 again, 1.3180 and 1.3200
Fickle and fragile markets prevailing still so get your orders in to take full advantage of these limited moves.
England's amazing World Cup adventure continues tonight and we continue to dream. Bring it home boys.
Have a good day out there one and all.
Interbank Rate 07.25 BST GBPUSD 1.3270 EURUSD 1.1738 EURGBP 0.8846 GBPEUR 1.1302 USDJPY 111.06 USDCAD 1.3132 USDCHF 0.9914 GBPAUD 1.7906 GBPCAD 1.7427 GBPCHF 1.3155 GBPZAR 17.8064 GBPHKD 10.2883 EURHKD 9.1030