Markets still in groundhog mode
Monday 28 June 2021
Another week begins but we're going nowhere in a hurry still. Bitcoin had another wobble over the week-end but holding 30k and the UK Health Secretary has finally had to fall on his sword after one scandal too far but GBP largely unaffected as expected
USD and risk sentiment remain variable so patience and discipline are key of course and not being greedy, as ever. The always over-hyped US NFP data on Friday will be in focus this week as markets continue to try and second-guess CBs on inflation.
GBPUSD: Bids at 1.3880 holding the falls in late NY then Asia and pips banked and poised to re-sell when momentum fades as ever. I remain a rally seller but still expecting dip demand. Keeping an eye on EURGBP and GBPJPY as always.EURGBP: Rallies still capped into 0.8600 but support into 0.8570 now. GBPJPY: Holding 153.60 in latest retreat but capping at 154.20 so far this morning.
I remain a GBP rally seller across the pairs with risk to the downside still overall.
EURUSD: Finding support at 1.1920-25 again but sellers poised still in tight range. Options in play again today too and helping to contain.USDJPY: Finding support now at 110.50-60 where we have decent option interest today but sellers,including me, poised between 110.80-111.00. EURJPY: 131.90-00 forming a good base still as I type but sellers prevailing above 132.30 now.USDCHF: Underpinned at 0.9150 still as EURUSD caps with the SNB ever vigilant but sellers at 0.9200 now.EURCHF: Holding 1.0940 still with SNB shadow/help ever present but sellers poised into 1.0980 still too.
AUDUSD: Finding sellers like me into 0.7600 still but decent support now at 0.7560. Notable absence of any options so far this week. USDCAD: Strong support line at 1.2270-80 still after rally failure into 1.2320 this time where I noted offers on Friday. Oil and CADJPY plays still notable.
As we look at trading opportunities it's even more important not to over analyze but trade the price action with discipline and patience. I can help with this in my 1-2-1 sessions and now is the time, more than ever, to get on board with those if you haven't already done so.
Let's continue to be careful out there in all things. Staying safe must be our main priority still. Have a good week-end everyone
Interbank rates: 08.42 BST