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  • Writer's pictureMike Paterson

More of the same as the holiday season continues

Friday 28 December 2018

Thin liquidity conditions still prevail amid some general US$ supply and wobbly risk sentiment despite equity markets trying to recover some lost ground.

GBPUSD has looked at both ends of the current 1.2620-80 range with the Pound still on the back foot on Brexit concerns and the usual month-end EURGBP demand and I remain GBP bearish overall and happy to jump on rallies. EURGBP has extended gains to 0.9059 with that month-end demand in play as I've been warning for a few days now as the Bundesbank buying Euros for the UK's EU contributions still provides pressure on the Pound.

EURUSD has rallied further on the general USD supply and EURGBP demand to post fresh recent highs of 1.1467 after some large option expiries at 1.1400 rolled off yesterday. USDJPY has had another look above 111.00 but since fallen back on the general US$ supply to test 110.30 support lines again despite equity markets trying to recover some poise as softer risk sentiment still prevails overall.

USDCHF has also been in retreat having failed above 0.9900 but still finding some degree of support from EURCHF dip demand this time into 1.1260 with the SNB seemingly ever-watchful.

AUDUSD remains on the back foot as I've been highlighting while USDCAD remains underpinned as the Canadian$ continues to wobble despite a little oil price recovery from its recent lows.

Fickle Forex markets ever prevailing so be ready with your entry/exit levels and don't get greedy.Remember liquidity is thin and moves can be volatile.I will update again on Monday but stepping out now for the day.

The mighty Shrimpers of Southend United are on the road again tomorrow at Coventry, as am I, and hoping to build on Boxing Day's smash n grab at Oxford. Bring it on!

Have a good week-end one and all and Happy Birthday to my brother Steve. See? I didn't forget mate. No card from me as usual but hey, a mention here!

Interbank Rate 08.45 GMT GBPUSD   1.2652 EURUSD   1.1455 EURGBP   0.9054 GBPEUR   1.1044 GBPAUD   1.7938 GBPCAD   1.7202 USDJPY   110.46 EURJPY   126.59 AUDUSD   0.7051 EURCHF   1.1295 USDCAD   1.3610 USDCHF   0.9856 GBPHKD   9.8076 EURHKD   8.8804

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