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  • Mike Paterson

FX pairs ranging still

Monday 6 Sept 2021

US Dollar finding a little support this morning after the the US jobs and wages data came in well under expectations and we duly saw a knee-jerk reaction from the algos to send the Greenback lower. One set of data doesn't make up the Fed's mind though so we continue to range tightly. Oil lower after Saudi cut prices over the week-end.

US and Canadian markets closed today for Labour Day hols.

Patience and discipline in trading are key as ever and not being greedy.

GBPUSD: 1.3880-00 offers duly held the post-NFP rally and re-sells placed per my tweets. Pips banked in the retreat. That large option interest at 1.3810-20 duly duly held prior to the data so I hope the steer helped. I remain a rally seller while keeping an eye on EURGBP and GBPJPY as always. EURGBP: Supported now at 0.8550 after another failure at the larger sell interest at 0.8600 and now 0.8585 ahead of good-size option interest at 0.8590 today. GBPJPY: Support still at 151.80 holding the retreat from 152.30 where I highlighted orders on Friday as core pairs find rally sellers again amid variable risk tones. Ranging still overall.

I remain a GBP rally seller across the pairs but being patient as ever. These are risk sentiment markets and ever fickle so good/tight position management essential.

EURUSD: Testing 1.1860 after failing at 1.1910 post-NFPs .USDJPY: 109.60 holding the retreat again after the congestion and large option interest at 110.00 helped cap as we continue to range tightly. EURJPY: 130.20-30 still supporting after failing at the 130.75-80 offers.USDCHF: Testing 0.9160 this morning after holding 0.9120 as EURUSD retreats and with the SNB ever vigiliant and EURCHF steady. EURCHF: 1.0840 now providing support with SNB shadow ever present. Dip buying still the preferred trade but not greedy in the rallies.

AUDUSD: Remains underpinned and 0.7420-25 resistance now a decent support line but 0.7475-80 providing a good cap post NFPs. USDCAD: 1.2500 support now amid the firmer USD/softer oil tones but rally sellers poised at 1.2560-80.

Very proud of the GB Men's Wheelchair Basketball team who fly home from Tokyo with a well deserved Bronze. Not the colour they were planning but a series of obstacles in their journey gave their very realistic chances a knock. MSPFX is proud to sponsor and support 6x Paralympian Terry Bywater, a key member of the basketball team for over 20 years.

A welcome return to the hallowed Hall on Saturday to see the mighty Shrimpers take a point off promotion favourites Wresham but disappointing to concede a 2-0 lead.Great Day 5 of the England/India Test match ahead today. Bring it on!

Let's continue to be careful out there in all things. Staying safe must be our main priority still.

Interbank rates: 08.50 BST

GBPUSD 1.3844

EURUSD 1.1866

EURGBP 0.8573

GBPEUR 1.1665

GBPJPY 152.11

GBPCAD 1.7367

GBPHKD 10.7845

GBPZAR 19.7340

USDJPY 109.87

EURJPY 130.39

EURCHF 1.0860

EURHKD 9.2460

AUDUSD 0.7437

USDCAD 1.2542

USDCHF 0.9150

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