US Dollar demand notable amid fragile risk sentiment still
Wednesday 23 September 2020
More of the same this morning after a busy 24 hours for FX markets and GBP pairs in particular amid COVID concerns and comments from BOE Governor Bailey and EU officials.
A real roller coaster ride yesterday as per my many tweets so if you're not following me @MikePatersonFX then please do so to get the ongoing updates through the day.
GBPUSD now 1.2715 after lows of 1.2675 this morning in a retreat from 1.2867 highs yesterday.EURGBP now 0.9205 after failing at 0.9220 again but supported now at 0.9180 and 0.9150 again after lows of 0.9145 yesterday.
I stay poised to sell GBP rallies as my preferred side and buy back in the dips as ever. Patience continues to be a virtue and entry level key as always. I still see dip demand though with markets still in a state of uncertainty overall.
USDJPY 105.01 in a new range now of 104.80-105.30 as USD demand continues but risk sentiment fragile still so JPY demand tempering rallies.
EURUSD 1.1710 after lows in Asia of 1.1672. Sellers poised still into 1.1730-50
USDCHF 0.9191 as EURUSD rallies after highs of 0.9219. Support from SNB still into 0.9150-60.
AUDUSD 0.7130 after a further retreat to 0.7112 amid the general USD demand
USDCAD 1.3316 after failing at 1.3350 amid the variable risk/oil/USD combo
Markets are ever-fickle so do contact me if there's areas that you might need some further help with.
Let's continue to be careful out there in all things. Staying safe must be our main priority still.
Interbank rates: 08.55 BST