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  • Writer's pictureMike Paterson

FX markets going nowhere in a hurry still

More of the same in the wonderfully fickle world of Forex but the Pound has found a little support again after better than expected UK Services PMI data yesterday.

GBPUSD was in retreat again but held support lines around 1.3170 and bounced on the data to look at 1.3200-20 again but was capped initially by EURGBP support around 0.8820 (GBPEUR sellers 1.1340)  then 0.8800 (GBPEUR sellers 1.1365). Eventually we broke higher in thin US holiday liquidity conditions to test 1.3250 before retreating.

Immediate support/buying interest now at 1.3200 then 1.3175-80 and between 1.3140-50 again.Sellers poised around 1.3250 still then 1.3280-00. I'll keep selling the rallies and buy back in the dips with Brexit and UK government turmoil never far from the headlines.EURGBP buyers still around 0.8800 and 0.8785.Sellers now between 0.8850-60, 0.8880 then 0.8900

EURUSD has found sellers above 1.1700 again where large option contract interest rolls off today with more between 1.1730-50. The pair looks underpinned but good two-way interest expected still. Buyers around 1.1660 then larger into 1.1600-20 still where more option contracts roll off today. Sellers initially around 1.1700 still then 1.1730-50.

USDJPY found demand around 110.30 again where I highlighted buyers yesterday but rally sellers remain poised. Buyers now around 110.50-60 with option contact interest of its own there then more bids around 110.30 and 110.00. Sellers around 110.80, 111.00 and 111.20 still. Barrier option sell interest at 111.50 behind that. USDCHF has held 0.9900 trading tightly again with EURCHF climbing back above 1.1600 but with sellers still poised.

Aussie, NZ and Canadian $ have all found a few buyers again but all three going nowhere in a hurry for the moment. AUDUSD still has bids around 0.7350 and 0.7320 then 0.7300 where a large barrier option interest provides support. Sellers still around 0.7400 and then 0.7420-25 again. USDCAD buyers at 1.3120 then 1.3100. Sellers around 1.3180 then 1.3200 and 1.3220

Fickle and fragile markets prevailing still so get your orders in to take full advantage of the  moves.

Please be advised that I shall be away for a short break from tomorrow (Friday) and my next update will be Tuesday. MSPFX clients please contact your rate providers should you need to trade meanwhile.

Have a good day and week-end out there one and all.

Come on England!!!

Interbank Rate 09.30 BST GBPUSD   1.3230 EURUSD   1.1689 EURGBP   0.8835 GBPEUR   1.1318 USDJPY   110.62 USDCAD   1.3143 USDCHF   0.9927 GBPAUD   1.7923 GBPCAD   1.7392 GBPCHF   1.3138 GBPZAR   18.1348 GBPHKD   10.2572 EURHKD   9.0627

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