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  • Writer's pictureMike Paterson

Fragile conditions prevailing still

Monday 11 February 2019

It's all very delicately poised again out there as a new week gets underway amid the ongoing fragility.  Potential US govt shutdown again, Brexit fallout still rumbling as the clock ticks down, CHF chaos in illiquid early Asian markets, more protests in France, all providing an uncertain backdrop amid some general USD demand and risk-off sentiment again.

GBPUSD has been ranging tightly with 1.2900 holding an early attack this morning after capping into 1.2980 on Friday.EURGBP has been tightly bound with GBP and EUR both moving in tandem by and large vs the generally bid USD scenario. I remain GBP bearish overall and continue to rally-sell.No change as far as I'm concerned right now.More attempts by May this week to get her Brexit "deal" through and GDP data just out softer than expected.

EURUSD has found support into 1.1300 with those buyers at 1.1320-30 now history and it's looking soggy still as I've been warning. USDJPY remains underpinned and breaking up through 110.10 as I type helped by some risk-off Yen selling. USDCHF saw some wild moves in early Asia with talk of stops through being triggered and in thin liquidity we saw a sharp spike to 1.0115 before falling back just as quickly then finding support at the 0.9980 area with EURUSD still fragile. EURCHF posted highs of 1.1439 before falling back to test support at 1.1300. Beware the SNB as ever.

AUDUSD continues to look soggy but trading tightly between 0.7060-0.7120.USDCAD remains underpinned on firmer USD/softer oil prices but some CADJPY demand also in play after a decent retreat from 1.3300 below 1.3240 on Friday.

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

The ever inconsistent Shrimpers produced one of their gutsiest displays of the season after going going one goal up but one man down in the early stages to earn a point at Charlton. Lots of positives to harness hopefully.

Have a great week one and all.

Interbank Rate 08.45 GMT

GBPUSD   1.2918

EURUSD   1.1310

EURGBP   0.8756

GBPEUR   1.1420

GBPAUD   1.8217

GBPCAD   1.7150

GBPHKD   10.0153

USDJPY   110.08

EURJPY   124.51

GBPJPY   142.19

AUDUSD   0.7089

EURCHF   1.1320

USDCAD   1.3278

USDCHF   1.0009

EURHKD   8.7700

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