FX pairs still making their minds up
Thursday 13 February 2020
Mixed to softer risk sentiment prevailing again in the ever-fickle world of Forex with Coronavirus concerns still there but not dominating as another week closes. Meanwhile the Euro continues its decline albeit with some dip demand noted as I type despite more soggy news from Germany, while the Pound finds some sellers again after yesterday's rally.
GBPUSD enjoyed a rally to test 1.3070 after the UK Fin Min's resignation which markets wobbled on at first but then perceived it might lead to looser fiscal policy and hence GBP positive to many but a reality check taking place atm. EURGBP has fallen again on the general EUR weakness and once again helping to underpin GBPUSD but finding support around 0.8300 (GBPEUR up to test 1.2050).GBPJPY remains range bound amid the variable risk sentiment with core pairs both enjoying 2-way business still.
I stay poised to sell GBP rallies and buy back in the dips as ever.Still ranging overall.
EURUSD remains undermined still on the funding currency selling and soggy data/outlook to now post 1.0827 while
USDJPY remains range bound, finding support at 109.70 still but sellers still poised around 110.00. EURJPY softer again amid the soggy EUR/variable risk but dip demand also noted below 119.00.USDCHF continues to find support and now broken up through 0.9800 as EURCHF demand returns around 1.0600 with the SNB casting a shadow still.
AUDUSD tightly bound still amid the variable risk and option expiry interest. Large interest at 0.6700 on 20 Feb in play but also today between 0.6750-70.USDCAD held 1.3230 again on its latest retreat but equally sellers still poised into 1.3270.
Fickle Forex markets ever prevailing so be ready to jump on moves with your entry/exit levels and orders as always.
Back at the hallowed Hall tomorrow for the first of 3 home games on the spin. Just have to get points from all of them if our dreams/hopes of staying up are to stay alive.
Have a good day/weekend out there one and all.
Interbank rates: 08.45 GMT