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  • Writer's pictureMike Paterson

First cab off the rank arrives today

Wednesday 1 February 2023

Yes folks, the first day of this week's Central Bank reckoning has arrived with the latest US Fed FOMC policy decision at 19.00 GMT where they are expected to deliver a 0.25% rate hike but maintain some hawkish tones in the rhetoric. Lower end of expectations definitely factored in so risk will be to the upside, initially at least.

BOE & ECB follow tomorrow then US NFP data on Friday. Good two-way pips to be had for intra-day jobbers whatever your bias in the past 24 hours again but ranging tightly still overall until maybe the US ISM/PMI data later which might set the algos off. Equities staged a strong rally yesterday as did WTI which found a strong base around $77.00 then $79.00 but failing into $81.00 so far. Gold held $1900 and had its own rally but failing into $1930 as the guessing games continue. Ukraine/Russia war continues to be the elephant in the room amid other geo-political risk.

GBPUSD: Capping into the old support at 1.2330-40 now but holding 1.2280 where I warned of bids building yesterday. EURGBP: Decent rally up through 0.8800 yesterday amid the soggy GBP tones but capping into 0.8840 so far. GBPJPY: Finding support at 159.80 yesterday with some core pair dip demand and better risk tones but capping at 160.70 and in retreat again this morning as the jury remains out and GBP stays soggy.

EURUSD: Capping between 1.0880-00 again after a solid hold of 1.0800 yesterday Still ranging and tightly bound overall but FOMC might well shake that up of course. USDJPY: A hold of 129.75 yesterday but equally failing between 130.30-50 yet again. USDCHF: What goes up on this pair invariably come back down and we've seen a cap at 0.9280 and retreat to 0.9150 support amid some USD supply and EURUSD rallying well but EURCHF running out of steam too.

Plenty more to read in my full report which you can receive by emailing Also for details on my 1-2-1 mentoring services for traders.

Interbank rates: 08.32 GMT

GBPUSD 1.2319

EURUSD 1.0881

EURGBP 0.8834

GBPEUR 1.1320

GBPCAD 1.6385

GBPCHF 1.1280

GBPZAR 21.3759

GBPHKD 9.5973

USDJPY 130.00

EURJPY 141.43

GBPJPY 160.10

EURCHF 0.9972

EURHKD 8.4782

AUDUSD 0.7080

NZDUSD 0.6448

USDCAD 1.3290

USDCHF 0.9160

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