Jury out yet again as another week closes
Friday 15 February 2019
Lots of noise still going on re Brexit, US/China trade talks et al and as another week closes we're seeing a bit of risk-off sentiment again as the jury remains well and truly out still. I'll say again we are in fragile times and the markets will respond accordingly.
GBPUSD broke lower to post fresh lows of 1.2773 having chewed through the 1.2800 and 1.2785 bids. Last night's governments defeats gave a little relief-rally rebound on a best of worse case scenario but sellers, including me remained poised. EURGBP has rallied on the general GBP supply and has been up to test 0.8830 (GBPEUR down to 1.1322).I remain GBP bearish overall and continue to rally-sell.No change as far as I'm concerned right now.The latest Brexit shambles and recent economic data only adding to a growing realization that the UK is under the cosh in the short term whatever the final outcome.
EURUSD failed above 1.1300 and still looks soggy helped by some EURJPY supply albeit with the usual dip demand while USDJPY failed above 111.00 helped by the change in the ever-fickle sentiment as I warned and we've been down to test 110.30.
USDCHF remains underpinned but still seeing sell interest amid some EURCHF supply again while AUDUSD continues to range and be a jobbers delight with support at 0.7080 and sellers at 0.7130 still. USDCAD is ranging still and generally being contained by CADJPY action and variable oil prices.
Fickle Forex markets ever prevailing so be ready with your entry/exit levels and orders as always.
Tomorrow the inconsistent Shrimpers host high-flying Portsmouth and you can see us all cheering our socks off live on TV at 12.30 GMT. What better way to spend your Saturday lunchtime?
Have a great week-end one and all.
Interbank Rate 08.33 GMT