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  • Mike Paterson

Up n down and round n round we go still

Thursday 31 March 2022

More of the same in the past 24 hours as the markets gauge the news of Ukraine-Russia peace talks resuming tomorrow, Russia seemingly receding from its demands to be paid in Roubles for its oil and the usual central bank speculation on rate hikes. Equities, oil, gold and other commodities all off their lows again while the Greenback continues to make its mind up in these ever-fickle markets.

EURUSD still has some large option contract interest to keep in mind today as have a few other pairs.

GBPUSD: Found a cap at 1.3180 in yesterday's rally but holding 1.3100 so far.EURGBP: A decent hold of 0.8450 yesterday per my warning here amid the EUR demand to break those 7 Feb highs of 0.8478 and moving higher to 0.8513 further helping to cap GBPUSD. Now in retreat and testing 0.8480 again so some two-way business/consolidation expected still.GBPJPY: Finding support at 159.50 in the latest retreat from 160.80 as JPY demand returned but now back over 160.00 as USDJPY dip demand prevails into 121.30 again.

EURUSD: A good hold of 1.1120 now amid the general EUR demand but capping at 1.1180. USDJPY: Another extended dip into 121.30 this morning after a cap into 122.50 as the upn down ride continues. Final year-end flows still in play with Yen repatriation to help cap but importers needing to buy some USD too as I've been warning.

EURJPY: Support now at 135.50 after another failure around 136.50 but contained for the moment as core pairs find good two-way interest and some general EUR demand prevails. USDCHF: Support coming in now at 0.9220-30 amid the general USD retreat this time with EURCHF running out of steam and the general EURUSD demand. SNB shadow lurking amid the fragile backdrop. Sellers poised 0.9260-80 and 0.9300. EURCHFFresh/further support at 1.0290 after failing to climb back over the old 1.0320-30 line but with SNB lurking in the dips still.

AUDUSD: Another cap around 0.7530 and retreat yesterday but a good hold of 0.7465 so far. NZD capped into 0.7000 and now testing 0.6930 in the latest retreat. USDCAD: Holding 1.2420-30 in the latest retreat and rallying to look at 1.2530 again as oil retreats and some USD demand returns. Two-way business still expected amid all the uncertainty. Options interest in play too.

Let's continue to be careful out there in all things. Staying safe must be our main priority still.

Interbank rates: 08.45 BST

GBPUSD 1.3136

EURUSD 1.1154

EURGBP 0.8489

GBPEUR 1.1778

GBPCAD 1.6413

GBPCHF 1.2130

GBPZAR 18.9991

GBPHKD 10.2283

GBPJPY 159.78

USDJPY 121.64

EURJPY 135.66

EURCHF 1.0310

EURHKD 8.6827

AUDUSD 0.7483

USDCAD 1.2509

USDCHF 0.9245

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