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  • Mike Paterson

Greenback nudges higher again

Wednesday 10 November 2021

We're seeing some firmer USD and bond yield tones this morning as Europe gets underway as equity markets find a few buyers again after a softer Asian session. Still not flying away anywhere in a hurry as the jury remains out. Gold is off its tops as are steel and iron ore which is keeping a lid on AUD.

US CPI at 13.30 is today's data focus and will get the markets/algos running around like headless chickens again if wide of the mark as they continue to second-guess the CBs.

Don't forget as we continue to trade tightly it's key to identify on-going ranges and trade the momentum if broken but not getting greedy if they stay intact. Second-guessing is often futile. All things/moves must be considered in context. Forex is not rocket science but it is ever-fickle so you have to stay in control of you/your trades as much as you can.

GBPUSD: A good cap around 1.3600 and now testing bids/support at 1.3520 again amid the USD demand. Some pips banked per ongoing strategy after yesterday's re-sells. EURGBP: Duly held 0.8520-25 support per my highlight here and tweet and the rally to test 0.8560 has helped to cap GBPUSD. Still ranging overall.GBPJPY: Trading tightly again amid the variable risk and core pair action.

I remain a GBP rally seller across the pairs overall as my preferred trading side albeit against the grain currently so being patient as ever. These markets are ever-fickle so good/tight position management essential.

EURUSD: Supported at 1.1550-60 again where have some larger option interest today but failing above 1.1600 again where, funnily enough we also have large option interest. No coincidence. USDJPY: Those lows of 112.73 ahead of the stronger 112.60 support/bids duly held and now back above 113.00 as we continue to range and USD firms this morning. EURJPY: Support line at 130.80 broke but a new/old line at 130.60 now providing support as core pairs find dip demand but with rally sellers ever poised. USDCHF: 0.9100 now holding the lastest retreat from 0.9140 with the SNB ever vigilant but equally sellers around 0.9140 still poised and capping rallies. EURCHF: 1.0550 still holding the latest retreats with the SNB ever vigilant but sellers in the rallies into 1.0580 now amid ongoing CHF demand.

AUDUSD: 0.7430-35 provided the latest cap amid the firmer USD/softer metals combo now and eversing the previous rally to once again test 0.7350. USDCAD: 1.2420-30 support being tested again as i type after another failure at the higher 1.2480 after yesterday's large option interest as the pair continues to find itself caught up amid the variable CADJPY/oil/USD moves not to mention the option interest still potentially in play.

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

Interbank rates: 08.30 GMT

GBPUSD 1.3541

EURUSD 1.1569

EURGBP 0.8542

GBPEUR 1.1706

GBPJPY 153.13

GBPCAD 1.6818

GBPZAR 20.4578

GBPHKD 10.5397

USDJPY 113.07

EURJPY 130.81

EURCHF 1.0557

EURHKD 9.0038

AUDUSD 0.7374

USDCAD 1.2416

USDCHF 0.9125

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