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  • Mike Paterson

US Dollar generally softer but it's not the whole story

Friday 14 September 2018

A less than upbeat BOE followed by a more upbeat ECB then softer US CPI data all on top of larger than expected rate hike to 24% by Turkey to help calm EM nerves has seen a little risk sentiment return

From lows of 1.3030 around the BOE rhetoric GBPUSD has been up to 1.3139 this morning amid the general US$ supply.Sellers poised around 1.3150 then 1.3180,1.3200 and 1.3215-20. Immediate demand now building at 1.3100 then into 1.3085 and 1.3050-60. I prefer to take advantage of the rallies still with Brexit very much in play still but caution advised while US$ remains generally soft.

EURGBP remains tightly bound after the BOE and ECB hot air. Sellers poised into 0.8930 still and 0.8950 with larger between 0.8980-00.Immediate demand around 0.8900 again, 0.8880 still then 0.8850, 0.8820 and 0.8800

EURUSD has been up to look at the 1.1720 resistance/sell area this morning from a base now around 1.1680 .Some more option contract related demand around 1.1650 then 1.1600-20 with sellers between 1.1720-30, 1.1750 then 1.1700 and 1.1800.

USDJPY continues to find demand on better risk sentiment also helped by firmer US equity prices on the soggier US inflation data and has now hit fresh recent highs of 112.08. Sellers poised around 112.00 again then 112.20 and 112.50.Jury remains out on USDCHF for the moment though and that pair remains on the back foot with EURCHF stil finding a few sellers above 1.1300 again. Dip demand still expected but sell interest remains poised around 1.1300 and 1.1320 with USDCHF sell interest now at 0.9660 and 0.9680. Buyers nearby at 0.9630 and larger into 0.9600.

AUDUSD has enjoyed some support again too but with the large option expiries in play at 0.7200 still casting a shadow.Sellers into 0.7230 then 0.7250 still. Buyers now around 0.7180 then 0.7150-60. USDCAD has fallen again to look at a key support area around 1.2980 with the NAFTA (or the USMC as the Trumpster wants to rebrand it) still casting its own shadow. Buyers now into 1.2980 which remains pivotal as I highlighted yesterday and 1.2960.Sellers around 1.3030 then 1.3050 and 1.3080.

Fickle Forex markets ever prevailing, so get your orders in to take full advantage of these moves.

Tomorrow the mighty Shrimpers of Southend United travel to Shrewsbury in real need of at least a draw to stop the recent rot. Tighter discipline needed across the park for sure.

Have a great week-end out there one and all.

Interbank Rate 08.44 BST GBPUSD   1.3127 EURUSD   1.1714 EURGBP   0.8923 GBPEUR   1.1205 USDJPY   111.81 USDCAD   1.2991 USDCHF   0.9645 GBPAUD   1.8202 GBPCAD   1.7054 GBPCHF   1.2662 GBPZAR   19.2745 GBPHKD   10.1774 EURHKD   9.0829


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