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  • Writer's pictureMike Paterson

Markets steadier as we head into a new week

Monday 7 January 2019

Holidays are officially over, traders and robots are fully cranked up now but the uncertainty continues as Brexit, US government shutdown et al remain on the fragile landscape.

GBPUSD has been up to 1.2755 helped by some GBPJPY demand again and still remains underpinned for the moment but nothing of real note. I remain GBP bearish overall and happy to jump on rallies still. The Brexit "meaningful vote" is scheduled for next week but parliament will be debating it from Wednesday so be prepared for some soundbites.EURGBP has retreated further to test 0.8950 support lines (GBPEUR up to 1.1180) but rallying again to 0.8984 (GBPEUR down to 1.1125)  as I type as a few GBP sellers re-appear.

EURUSD continues to find dip demand to rally further and post 1.1440 while USDJPY has recovered some poise after last week's flash crash to post 108.70 before running into fresh sellers as risk sentiment turns a little soggier as Europe gets underway.

USDCHF is also retreating but still finding some degree of support from EURCHF dip demand above 1.1200 with the SNB seemingly ever-watchful as I've been warning. AUDUSD continues to move higher still helped by some AUDJPY and gold demand after the flash crash fall while USDCAD has retreated again as oil prices firm up and USD supply generally returns.

Fickle Forex markets ever prevailing so be ready with your entry/exit levels and orders as always.

Have a good week out there one and all.

Interbank Rate 08.40 GMT GBPUSD   1.2726 EURUSD   1.1429 EURGBP   0.8981 GBPEUR   1.1132 USDJPY   108.22 EURJPY   123.68 GBPJPY   137.69 AUDUSD   0.7136 EURCHF   1.1248 USDCAD   1.3359 USDCHF   0.9841

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