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  • Mike Paterson

US Dollar remains underpinned while markets continue to second-guess

Tuesday 12 February 2019

It's still all very delicately poised again out there amid the ongoing fragility. Potential US govt shutdown talk, US/China trade deal uncertainty, Brexit fallout still stealing a lot of the headlines as the clock ticks down all providing an uncertain backdrop amid some general USD demand again. We've seen some risk-on sentiment too at times just to add to the general confusion.


GBPUSD has now been down through 1.2880-00 to post lows of 1.2834 as I type amid the general Greenback grabbing after capping into 1.2940 yesterday on front-running ahead of the decent sell interest around 1.2950 I've been highlighting. EURGBP has been tightly bound again with GBP and EUR both moving in tandem by and large versus the generally bid USD scenario.


I remain GBP bearish overall and continue to rally-sell.No change as far as I'm concerned right now.More attempts by May to appease her party and Parliament with an update due today ahead of the latest debate tomorrow and Thursday .GDP data yesterday was predictably soft but I stand by my view that it's not all down to Brexit.


EURUSD has also fallen further amid the USD buying but holding 1.1250 as I type although it's looking soggy still while USDJPY continues to look underpinned and has climbed through 110.50 helped by some JPY selling but jury out still on risk sentiment imho. USDCHF has rallied again after the Sunday fallout saw 1.0115 highs become 0.9980 lows and we've been back up to 1.0071 with EURUSD still fragile and EURCHF finding demand around 1.1300.


AUDUSD continues to look soggy but ranging 0.7050-00 for the moment while USDCAD remains underpinned on firmer USD/softer oil prices but has failed above 1.3300 again with some CADJPY demand also in play still.


Fickle Forex markets ever prevailing so be ready with your entry/exit levels and orders as always.


Tonight the currently mighty Shrimpers travel north to Yorkshire in search of a result to consolidate Saturday's fine effort. England's cricketers finally finding some form/cohesion/common sense in the West Indies. Reasons to be cheerful.


Have a good day one and all.


Interbank Rate 08.28 GMT

GBPUSD   1.2865

EURUSD   1.1270

EURGBP   0.8760

GBPEUR   1.1415

GBPAUD   1.8168

GBPCAD   1.7085

GBPZAR   17.7647

USDJPY   110.57

EURJPY   124.61

GBPJPY   142.22

AUDUSD   0.7080

USDZAR   13.3834

EURCHF   1.1332

USDCAD   1.3285

USDCHF   1.0057


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