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  • Writer's pictureMike Paterson

Ranging still as the second-guessing continues

Friday 3 March 2023

The Greenback jury remains out as US bond yields retreat a little and some USD supply returns after yesterday's solid demand. It looks underpinned but ranging still overall as the second-guessing continues. Today's US ISM Services data at 15.00 GMT will be keenly awaited given last month's strong reading.

Equities have seen another decent rally but a little stuck as I type amid the fickle market sentiment while WTI is also off its $77.60 lows but equally failing into $78.50. Gold has found support at $1835 now but equally capping around $1845 as the tight ranges continue amid the global uncertainty. Ukraine/Russia war continues to be the main geo-political elephant in the room.

GBPUSD: A decent hold of 1.1920 yesterday where my T/A man $fxchartopper warned of strong support in his email yesterday to our subscribers and I tweeted about later but now capping into 1.2000 on the bounce and I remain a rally seller.EURGBP: Still holding 0.8850-60 in the retreat having capped at 0.8875-80. Expect some more two-way trading as core pairs fluctuate. GBPJPY: A support line now forming at 163.00-20 but sellers still poised as the uncertainty continues and capping into 163.65 this time.

EURUSD: Holding 1.0575-80 but equally capping at the old 1.0620-30 support/now resistance line. Some decent option contract interest again today. USDJPY: Capping around 137.00 yesterday as the building offers I warned about prevailed helped by some softer USDF tones returning. No coincidence. Holding 136.20 in the dips again so far and some pips gratefully banked in the retreat.

Plenty more to read in my full report and more detailed update for traders plus my 1-2-1 mentoring sessions. Mail for more info.

Interbank rates: 08.30 GMT

GBPUSD 1.1982

EURUSD 1.0625

EURGBP 0.8867

GBPEUR 1.1277

USDJPY 136.32

GBPJPY 163.34

GBPCAD 1.6272

GBPCHF 1.1241

GBPZAR 21.7833

GBPHKD 9.3480

EURCHF 0.9967

EURHKD 8.2872

AUDUSD 0.6760

NZDUSD 0.6233

USDCAD 1.3562

USDCHF 0.9378

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