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  • Writer's pictureMike Paterson

US Dollar demand notable again

Monday 13 February 2023

A new week gets underway with some USD demand notable again amid global tensions on the objects in the sky saga currently playing out but with market focus definitely looking toward tomorrow's US CPI reading. Friday's US data also added to the Greenback's bullish tones. Yen pairs are higher on the renewed JPY supply amid on-going speculation on the next BOJ Governor with favourite Ueda seemingly disappointing a few hawks.

Equities are nudging higher this morning after a little dip while WTI is trading just above its Friday lows of $78.75 but sellers poised $79.30-50. Gold has held $1855 this time but still tightly bound amid the uncertainty. Ukraine/Russia war continues to be the elephant in the room amid other geo-political risk.

GBPUSD: Holding the decent support/bids building between 1.2030-50 helped by the GBPJPY demand but equally capping at 1.2075 amid the general USD demand. I remain a rally seller. EURGBP: Capping now at 0.8865 after Friday's extended drop to 0.8825.Expect some more two-way trading as core pairs fluctuate. GBPJPY: Holding 158.40-50 and a steady climb to 159.50 in Asia amid the renewed BOJ Gov speculation JPY supply. Sellers poised still amid the generally fickle risk sentimenmt.

EURUSD: Holding 1.0650-60 in the latest retreats but capping 1.0680-00 as the jury remains out. I remain a rally seller as my preferred side still. Some option interest again today nearby. USDJPY: Testing 132.50 again as I type after the rally from 131.00 amid the USD demand/JPY supply double whammy.Poised to re-sell rallies up here if/when momentum fades but some caution required still. EURJPY: A steady climb into 141.50 amid the BOJ speculation with support now building at 140.75-141.00 again.

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: 08.15 GMT

GBPUSD 1.2043

EURUSD 1.0675

EURGBP 0.8863

GBPEUR 1.1281

USDJPY 132.44

EURJPY 141.38

GBPJPY 159.57

GBPCAD 1.6098

GBPCHF 1.1124

GBPZAR 21.6957

GBPHKD 9.3792

EURCHF 0.9865

EURHKD 8.3075

AUDUSD 0.6921

NZDUSD 0.6328

USDCAD 1.3370

USDCHF 0.9239

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