Forex jury still out as another week gets underway
Monday 12 April 2021
RIP HRH Prince Philip
The recent clamour for Euros seems to have lost its shine while dip demand for GBP is still evident as another week unfolds in the wonderfully fickle world of Forex and the jury remains well and truly out.
GBPUSD: Another failure to break down through the strong support at 1.3665-70 this morning amid EURGBP supply and some GBPJPY demand notable. EURGBP: 0.8700 proving a step too far again and now in retreat at 0.8640 having failed to hold 0.8660-80 on the softer Euro/firmer GBP tones.GBPJPY: Duly found support at 149.80 after Friday's retreat from 150.80 as core pairs find dip demand again but sellers remain poised
I remain a GBP rally seller across the pairs but still not getting over greedy with expectation on the retreats. Nice when it happens though.
EURUSD: Still underpinned now at 1.1860-70 as we see some general USD supply but once again running out of steam in the latest rallies as EUR retreats on the crosses too. USDJPY: Capped at 109.90 on Friday but dip demand still expected into 109.00-30 EURJPY: Finally ran out of steam at 130.65 but equally still holding 129.80 for the moment.
USDCHF: Support coming in at 0.9240 now as EURUSD retreats again and EURCHF holds 1.0980 after failing above 1.1000 amidst the general EUR selling. SNB ever watchful and ready to help.EURCHF: 1.0980 now the latest line of support helped by the SNB shadow.
AUDUSD: Failing above 0.7640 this time but still supported between 0.7580-00.USDCAD: Held lower level of 1.2525-30 this time and but failing at 1.2570 so far on softer USD/firmer oil tones.
New/old manager but same old story as Southend fail once again to find where the goal is. A draw wasn't enough but we'll keep believing.
Let's continue to be careful out there in all things. Staying safe must be our main priority still. Have a good week everyone.
Interbank rates: 08.50 BST