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  • Writer's pictureMike Paterson

Caution required still as another week gets underway

Monday 17 February 2020

Steadier risk sentiment prevailing as we start another week but with Coronavirus concerns still around trading conditions remain fragile with Japan posting poor GDP data for Q4. FX pairs still making their mind or just confused. Either way we're still tightly bound. US markets closed today for Presidents Day.

GBPUSD remains in a 1.3020-1.3070 range after a drop into 1.3000 on Friday as we wait on confirmation that fiscal policy might loosen but with post-Brexit trade deal fallout still lurking.EURGBP has held 0.8300 again with a few options rolling off there today but remains on the back foot and helping to underpin Cable still.GBPJPY remains range bound amid the variable risk sentiment but underpinned still with core pairs both enjoying some support but equally finding rally sellers too.

I stay poised to sell GBP rallies and buy back in the dips as ever.Still ranging overall. Wages/jobs data tomorrow then Inflation/Retails on Wednesday in the mix too.

EURUSD remains undermined still but finding some dip demand as we might expect after the recent solid retreat. USDJPY remains range bound, finding support at 109.70 yet again but sellers still poised around 110.00. EURJPY remains a little soggy but dip demand still noted below 119.00.USDCHF continues to find support amid some EURCHF demand around 1.0600 with the SNB casting a shadow still.

AUDUSD tightly bound still amid the variable risk and option expiry interest with more large interest now at 0.6700 and between 0.6740-50 on Wednesday in addition to the large interest on 20 Feb that I mentioned on Friday.

USDCAD remains range bound too with a a test of 1.3230 again as I type on its latest retreat but equally sellers still poised into 1.3270.

Fickle Forex markets ever prevailing so be ready to jump on moves with your entry/exit levels and orders as always.

The young Shrimpers put up another spirited performance against second-in-the-table Coventry on Saturday but once again failed to create any real chances and were understandably over run. Some bright moments though despite all the angst.

Have a good day/week out there one and all.

Interbank rates: 08.28 GMT

GBPUSD   1.3043

EURUSD   1.0838

EURGBP   0.8310

GBPEUR   1.2032

GBPAUD   1.9395

GBPCAD   1.7271

GBPJPY   143.25

GBPZAR   19.4321

GBPHKD   10.1122

USDJPY   109.84

USDZAR   14.9026

EURJPY   119.07

EURCHF   1.0637

EURHKD   8.4044

AUDUSD   0.6723

USDCAD   1.3242

USDCHF   0.9814

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