Euro wobbles while the perky Pound prevails
Friday 25 January 2019
Yesterday the ECB left interest rates on hold and spoke in dovish/cautious tones as I warned and the Euro duly fell further. Meanwhile the Pound more than held recent gains as the buyers prevail.
With EURGBP tumbling further GBPUSD was underpinned again amid all the Brexit speculation and has been up to 1.3140 in Asia before falling back to 1.3070 in European trading this morning.EURGBP has fallen further on the generally softer Euro/firmer Pound combo to post 0.8617 (GBPEUR up to 1.1604).
The bias remains to the upside for the moment but I'm still bearish overall and will be happy to jump on rallies then job back in the dips as I still see risk to the downside until proven different but definitely respecting the current GBP demand.
EURUSD dipped and rallied around the ECB presser then fell again to post new recent lows of 1.1290 but now finding dip buyers again since to look at 1.1330 while USDJPY remains underpinned but still tightly bound in a 109.50-00 range now for the moment.
USDCHF remains underpinned with the SNB ever-watchful but equally still finding rally sellers too also helped by some EURCHF supply again on the softer Euro tones. AUDUSD continues to look fragile still but equally has held the 0.7075-80 bids/support too. USDCAD capped into the 1.3380 offers and has fallen back to 1.3311 with Canadian $ still subject to oil price volatility.
Fickle Forex markets ever prevailing so be ready with your entry/exit levels and orders as always.
Tomorrow the mighty Shrimpers of Southend return to the hallowed Hall after last week's wonderful 4-0 away win but will have to be on top form to take something from high-flying Luton. Bring it on!
Have a good week-end one and all.
Interbank Rate 08.48 GMT GBPUSD 1.3076 EURUSD 1.1328 EURGBP 0.8665 GBPEUR 1.1541 USDJPY 109.85 EURJPY 124.42 GBPJPY 143.63 AUDUSD 0.7105 EURCHF 1.1285 USDCAD 1.3315 USDCHF 0.9964