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  • Writer's pictureMike Paterson

US Dollar demand prevailing but still going nowhere in a hurry.

US Dollar demand prevailing but still going nowhere in a hurry.

Once again it's more of the same ol' story out there as markets and algos wait to be inspired but we've seen some general USD demand and risk-on sentiment prevail over the past 24 hours amid positive US-China trade talk tones.

GBPUSD has held 1.2820 once again on its latest retreat and that remains a decent line in the sand still with 1.2920 on the topside.EURGBP remains tightly bound but with the usual month-end BUBA demand now in play and providing some support. GBPJPY also continues to see good two-way trading amid the variable risk plays and as GBPUSD retreats counter USDJPY rallies.

I will continue to rally-sell GBP as my preferred strategy overall too amid the ongoing Brexit/Election uncertainty but happy to buy back in the dips as ever. In essence the general uncertainty and can kicking continues and for me that's still Pound negative overall. Remember we're ranging still so don't get too greedy whatever your bias.

EURUSD remains on the back foot but tightly bound still. Decent bids around 1.1000 helping to support for the moment with over EUR 2bln in option expiries between 1.0995-00 today while USDJPY remains underpinned but equally finding rally sellers poised around 109.20-30 again as the range stays tight.USDCHF remains underpinned still on the stronger USD/risk combo but tempered again by some EURCHF supply with the Euro generally on the back foot.

AUDUSD remains on the back foot with Lowe's comments yesterday capped by those option expiries at 0.6800 and falling back in Asia again on reports of anticipated QE next year but support still at 0.6760-70.USDCAD continues to trade tightly too amid the variable USD/risk sentiment but firm oil prices helping to temper the dip support and now broken down through those 1.3280 bids.

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 rates: 08.25 GMT

GBPUSD   1.2843

EURUSD   1.1009

EURGBP   0.8572

GBPEUR   1.1665

GBPAUD   1.8944

GBPCAD   1.7046

GBPJPY   140.18

GBPZAR   18.9389

GBPHKD   9.9572

GBPNZD   1.9982

USDJPY   108.16

USDZAR   14.7412

EURJPY   120.16

EURCHF   1.0985

EURHKD   8.5359

AUDUSD   0.6780

USDCAD   1.3274

USDCHF   0.9978

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