US Dollar generally softer but still going nowhere in a hurry
Tuesday 9 April 2019
More of the same as Day 2 of this latest week gets underway with Brexit and US-China trade talks still grabbing the headlines. Today it's case of the 3Ms as May meets Macron and Merkel to find a way out of the deadlock. A little risk-off sentiment notable too.
GBPUSD held the 1.3020-30 support area and we've seen a steady climb since to test 1.3100 before failing.Good two-way business still while EURGBP failed into 0.8650 (GBPEUR support at 1.1560) with the GBP dip-demand and EURUSD failing into 1.1280.
I remain GBP bearish overall and continue to rally-sell as my preferred strategy but I continue to respect the two-way business amid the Brexit chaos. Plenty more to come this week and the algos will continue to feed off the headlines.
EURUSD continues to trade tightly but underpinned yesterday by the large option interest at 1.1220-25 but we've failed into the 1.1280 selling interest. USDJPY is still going nowhere in a hurry on the mixed risk sentiment/USD uncertainty. USDCHF has also been tightly bound but still underpinned as EURUSD ranges tightly and EURCHF finds support now around 1.1220 as the SNB remain ever-watchful.
AUDUSD remains underpinned but range bound with large option expiries at 0.7150 again today while
USDCAD has been in steady retreat amid the softer US$ and with oil prices holding steady.
Fickle Forex markets ever prevailing so be ready with your entry/exit levels and orders as always.
Housekeeping note: I am away for a long-planned short break this Friday 12th through to Monday 15th inc. I am working on a plan to get my update to you on Friday, as I am mindful that currently it's still a potential Brexit date, but definitely not on the Monday. Thank-you for your understanding.
Have a good day out there one and all.
Interbank Rate 07.36 BST