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  • Mike Paterson

Markets go risk-off again on trade war fears

It's been another interesting 24 hours in these fragile times and once again Trump takes centre stage amid trade war threats with China et al.

GBPUSD has fallen to 7-month lows of 1.3167 pushed lower by help from GBPJPY and GBPCHF selling as safe-haven sentiment returns.Immediate support/buying now into 1.3150 then 1.3120, 1.3100 and 1.3075-80. Sellers into 1.32000, then 1.3230 and 1.3250  Keep selling those rallies as I've been saying for a while now as regular readers will know.

EURGBP is ranging still as the Euro also finds sellers. Buyers now poised at 0.8750 then 0.88720-30 and 0.8700. Sellers still between 0.8780-00. Overall the Pound remains fragile with Brexit and UK government turmoil never far from the headlines too.

EURUSD has fallen to test 1.1530 from 1.1645 with rallies still being soldas I highlighted yesterday. Some dip demand currently around 1.1530 then 1.1500 and 1.1480-00. Sellers around 1.1560 then 1.1600-10.

USDJPY has fallen again to test the 109.50 line in the sand I've mentioned as safe-haven Yen demand returns. ( Did it ever really go away?). More buyers now around 109.30 then 109.00 and 108.80. Sellers still into 110.00, 11.20 and 110.50. USDCHF also remains undermined with rallies still failing to break 1.0000 as EURCHF sell interest once again takes that pair below 1.1500.

The Aussie, NZ and Canadian $ have all fallen as commodity price wobble again.AUDUSD now has buyers at 0.7350 and 0.7330.Sellers at 0.7400 then 0.7420 and 0.7450. USDCAD buyers now around 1.3200 then 1.3180 and 1.3160. Sellers around 1.3250 then 1.3275 and 1.33300

Fickle and fragile markets prevailing still so get your orders in to take full advantage of the moves.

England kicked off their World Cup campaign and duly delivered a win thanks to two quality finishes from Harry Kane. My concern remains that if he doesn't score who else will? But hey the journey to find out is underway. It is often better to travel than it is to arrive.

Have a good day out there one and all.

Interbank Rate 09.50 BST GBPUSD   1.3182 EURUSD   1.1544 EURGBP   0.8762 GBPEUR   1.1412 USDJPY   109.88 USDCAD   1.3233 USDCHF   0.9969 GBPAUD   1.7875 GBPCAD   1.7442 GBPCHF   1.3136 GBPZAR   18.2366 GBPHKD   10.2200 EURHKD   8.9554

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