Jury still out as another month closes
Friday 30 November 2018
G20 trade talks,Brexit and US Federal Reserve interest policy are all in play as November comes to an end and markets are suitably in limbo and continuing to second-guess amid month-end flows generally.
GBPUSD has held a 1.2750-1.2800 range as the jury stays out and the end-of month EURGBP demand from the Bundesbank stays in play. Immediate offers still around 1.2800, 1.2820 then 1.2850 again with bids/demand still between 1.2750-60 then the decent line at 1.2720-30 still and larger at 1.2700, 1.2680 and 1.2650.I remain GBP bearish overall and happy to jump on rallies then buy back in the dips while remaining core short, a strategy that continues to work well.
EURGBP remains underpinned on that month-end BUBA demand but also capped by the 0.8920 sell interest I've been highlighting this week. Sellers still there and 0.8950 with buyers at 0.8875-80 and 0.8850.
EURUSD has capped again at 1.1400 but equally continues to find dip demand amid all the variables out there right now. Decent offers at 1.1400 and 1.1420 still with more behind that at 1.1450 again.Immediate demand/support now around 1.1370 then between 1.1350-60 1.1320 and 1.1300 still.
USDJPY is also tightly bound between 113.20-60 as markets wait on further clues/direction. Bids building still at 113.20 that I've been highlighting then 113.00 and 112.80 with sellers into 113.60 then 113.80 and 114.00. I remain a rally seller for the moment buying back in the dips.
USDCHF rallied again but failed at the 0.9980 area with EURCHF also rising but capping at 1.1360. Sellers remain poised on both though even if the SNB will still look to "smooth" the declines.Bids/support now at 1.1320 and 1.1300 with USDCHF demand building again at 0.9930 then 0.9900 again. Sellers poised at 1.1350-60 and 1.1380 with USDCHF supply at 0.9960, 0.9980 and 1.0000. I'm happy to trade both sides of the price action at the moment in these tight ranges.
AUDUSD has capped at 0.7350 but similarly holds 0.7300. Bids still there and 0.7280 with sellers at 0.7350 and 0.7380. USDCAD remains underpinned around 1.3250-60 on generally lower oil prices even though we've seen some recovery in the past 24 hours. Buyers now lining up at 1.3275-80 then 1.3250 and 1.3230 with sellers poised at 1.3320 and 1.3350-60 still.
Fickle Forex markets ever prevailing so get your orders in to take full advantage of these moves.
Tomorrow sees the mighty Shrimpers of Southend United in FA Cup 2nd Round action and the dreams of a decent run continue after years of failing to get past the 1st round. Bring it on !
Have a great week-end out there one and all.
Interbank Rate 08.26 GBPUSD 1.2782 EURUSD 1.1382 EURGBP 0.8904 GBPEUR 1.1229 USDJPY 113.43 USDCAD 1.3303 USDCHF 0.9962 GBPAUD 1.7484 GBPCAD 1.7004 GBPCHF 1.2734 GBPHKD 9.9098 EURHKD 8.8253