Someone's pressed the pause button again
Thursday 4 July 2019
Still plenty of unrest/areas of concern around the world but with the US on holiday today and the key NFP jobs report tomorrow we've seen tight ranges prevailing as markets stay on the cautious/haven't-got-a-clue-what-happens-next mode. Large option expiries again today on EURUSD also helping to contain price action.
GBPUSD shrugged off the weaker Services PMI with the large bids at 1.2550 helping to contain losses but similarly can't get back above 1.2600. EURGBP continues to find dip demand but equally can't get through those 0.8980-85 offers. GBPJPY rally sellers remain poised but equally 135.00-20 holding too.
I remain GBP bearish overall still and will continue to rally-sell as my preferred strategy amid all the uncertainty/indecision including Brexit/political fallout but happy to buy back in the dips as always.
EURUSD remains tightly bound amid the USD uncertainty and pinned in by those large option expiries between 1.1265-1.1315 again. USDJPY also has a few expiries today between 107.70-75 helping to keep the range contained. USDCHF remains underpinned but capped by some ongoing CHF demand.
AUDUSD has remained supported in the wake of RBA governor Lowe reiterating the "if needed" policy adjustment with reference to further easing plus the ongoing Gold demand but has stalled at the decent sell interest at 0.7050.USDCAD remains range bound but still on the back foot amid the risk,USD and oil fluctuations.
Fickle Forex markets ever prevailing so be ready with your entry/exit levels and orders as always.
Have a good day out there one and all.
Interbank Rate 08.40 BST