US Dollar retreats but the jury is still out
It's been a busy week that has seen some further retreat in the Greenback but markets are still really none the wiser on the key issues of trade wars,EM currency wobbles and Brexit.
GBPUSD has continued to find some dip demand as I highlighted after Wednesday's spike but so far failing around 1.2950 where I also noted sell interest yesterday. Sellers still poised around 1.2950 then 1.2980 and the psychological 1.3000. Demand building again around 1.2900 then 1.2880 and 1.2850. I remain GBP bearish and a rally seller but a little caution advised still.
EURGBP has held support lines around 0.8980 but tightly bound again with sellers still poised between 0.9020-30 then 0.9050 and 0.9080 with the barrier option at 0.9100 still in place.Immediate demand around 0.8980 and 0.8950 still then 0.8930 which remains a key area as does 0.8900.
EURUSD remains underpinned but still failing to breach 1.1660 and rally sellers still poised.Demand around 1.1620 then 1.1600 with a few options in play today then 1.1580, 1.1560 and 1.1530 with sellers still around 1.1660, 1.1680 and 1.1700.
USDJPY has finally fallen to the ongoing rally sell interest between 111.30-50 and now tumbled to test 110.36 amid the general US$ supply and better risk sentiment. USDCHF has similarly dropped further to post 0.9640 and remains delicately poised with sellers now at 0.9680 and 0.9700 and with EURCHF on the back foot too. Dip demand still expected though into 0.9730 and 0.9700
AUDUSD continues to look vulnerable and has found little comfort in the US$ supply by falling to post lows of 0.7137 with AUDJPY a key driver lower. Some sell interest nearby around 0.7160-65, then 0.7180 and 0.7200. Buyers regrouping around 0.7135 then 0.7100. USDCAD has failed above 1.3200 again and fallen sharply to 1.3113 amid the general US$ selling and some hawkish noises from the Bank of Canada. Nothing on a NAFTA agreement signed off as yet so the uncertainty remains. Buyers still into 1.3100 THEN 1.3080 and 1.3050.Sellers around 1.3160 then into 1.3200 and at 1.3220 still.
Fickle Forex markets ever prevailing, so get your orders in to take full advantage of these moves. Yesterday's sharp price action in GBP were a classic example.
Tomorrow the mighty Shrimpers of Southend United take on the league leaders at the hallowed Hall and we'll be hoping for a better outcome than last week.
The final cricket Test Match versus India begins today at the Oval with the series already in the bag for England. All-time highest English run scorer Alastair Cook takes his final bow and can be assured of a glorious send-off. Let's hope he makes it one to remember with the bat too.
Have a good day out there one and all.
Interbank Rate 08.55 BST GBPUSD 1.2935 EURUSD 1.1645 EURGBP 0.9003 GBPEUR 1.1107 USDJPY 110.89 USDCAD 1.3136 USDCHF 0.9653 GBPAUD 1.8082 GBPCAD 1.6988 GBPCHF 1.2483 GBPZAR 19.6270 GBPHKD 10.0285 EURHKD 9.0322