Search
  • Mike Paterson

Pound under pressure again as Brexit vote looms

Monday 11 March 2019

Friday saw the latest US jobs report which came in with a sharp drop in monthly payrolls but also a drop in the unemployment rate overall and stronger wages. Cue some USD losses then a little re-tracement on the mixed bag but it's the Pound that's once again been the notable mover as tomorrow's vote on May's proposal looms with the UK and EU in deadlock.


GBPUSD failed around 1.3080 again on Friday and had been in decline to test 1.3000 helped by some more GBPJPY selling when it gapped on Asian opening to post lows of 1.2958 and presenting good dip-buy opportunities before rallying only to fail at 1.3020. EURGBP has rallied strongly on the general GBP supply to post highs of 0.8668 and looks underpinned still (GBPEUR down to 1.1526).


I remain GBP bearish overall and continue to rally-sell as my preferred strategy but I continue to see good two-way business with Brexit still casting a very large shadow.


EURUSD has found support again after that dip to 1.1185 but so far failing to clear 1.1250-60 while

USDJPY fell to post 110.80 lows after the US jobs report but found some decent dip demand and has been back up to test 111.30.USDCHF remains underpinned but failing to breach 1.0100 despite EURUSD finding sip demand too as I've been highlighting.


AUDUSD found support 0.7000 where those large options (around A$1.5bln) rolled off on Friday but it was enough for shorts to take some profit and we've been back up to 0.7052 so far.USDCAD remains underpinned above 1.3400 despite a post-data dip below on Friday but tightly bound still.


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


The inconsistent Shrimpers of Southend conceded a late own goal(very late, 6th minute of 5 minutes of added time) on Saturday to also concede 2 much-needed points. Grrrrr, but we go again tomorrow night in a crucial game at Scunthorpe as now a relegation battle becomes a reality.


Congrats to Ronnie O'Sullivan on achieving the wonderful feat of 1000 century breaks in his career.Simply amazing, and with the next best, Stephen Hendry, on 775 it shows just how brilliant a player the guy is.


Have a good day/week one and all.


Interbank Rate 08.35 GMT

GBPUSD   1.2997

EURUSD   1.1246

EURGBP   0.8654

GBPEUR   1.1554

GBPAUD   1.8437

GBPCAD   1.7422

GBPZAR   18.6110

GBPHKD   10.0766

USDJPY   111.22

USDZAR   14.3521

EURJPY   125.09

GBPJPY   144.54

AUDUSD   0.7048

EURCHF   1.1335

EURHKD   8.7213

USDCAD   1.3409

USDCHF   1.0078


0 views0 comments

Recent Posts

See All