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  • Writer's pictureMike Paterson

US Dollar softer as another week closes

Friday 24 May 2019

All the usual fragile global conditions prevailing as we head into the week-end (hurrah for that!) and widespread expectation that UK PM May will announce her departure date to be 10 June.

GBPUSD held 1.2600 and has made steady progress back up to 1.2688 helped by GBBJPY holding 138.50 and EURGBP sellers into 0.8850 before failing but trading tightly still. GBPJPY held 138.50 but still remains on the back foot with USDJPY also in retreat yet again .

I remain GBP bearish overall and continue to rally-sell as my preferred strategy and buy back in the dips amid all the uncertainty/indecision including Brexit. No change to this view for the foreseeable future. Dip buyers will still expect to find better value for money the lower we head but that's still not happening in any big fashion at the moment.

EURUSD held 1.1100 with the barrier option interest prevailing then took the fast ride to the 1.1150 expiries just before the 14.00 GMT cut-off which I warned might prove magnetic and duly did and I tweeted on it. USDJPY has retreated again amid the risk-off sentiment and general USD weakness. Definitely still a case of rinse and repeat but still not going too far in a hurry.

USDCHF has fallen as EURUSD rallies and EURCHF breaks down through 1.1230 with the SNB watching closely but seemingly not getting too involved for the moment. Beware though as always.

AUDUSD has been holding its own again but going nowhere in a hurry as sellers match buyers and the jury remains out as to how much the expected RBA June rate cut is factored amid the US-China trade talks too. Large option expiries today at 0.6900 will help contain range further.

USDCAD failed around 1.3500 again and since falling back amid the the USD supply again albeit tempered by softer oil price too.

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

Have a good day and week-end out there one and all.

Interbank Rate 08.30 BST

GBPUSD   1.2679

EURUSD   1.1188

EURGBP   0.8824

GBPEUR   1.1331

GBPAUD   1.8374

GBPCAD   1.7060

GBPZAR   18.2887

GBPHKD   9.8308

USDJPY   109.53

USDZAR   14.4200

EURJPY   122.67

EURCHF   1.1214

EURHKD   8.6760

GBPJPY   138.97

AUDUSD   0.6901

EURCHF   1.1240

USDCAD   1.3441

USDCHF   1.0022

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