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  • Writer's pictureMike Paterson

Wobbly risk again as Trump tests COVID positive

Friday 2 October 2020

o doubt about the main story this morning and we've seen falls in equity and commodity markets as the potential outcomes are anaylzed especially with the US election only a few weeks away.

Brexit in the news too as Johnson steps in and announces talks with EU Commission President von dey Leyen tomorow. Pound has found a few buyers from the earlier lows on hopes of some break through but varying reports of the outcome in the media now too.

Main data event today is the always eagerly awaited US NFPs at 12.30 GMT but Trump's condition will be the real focus as the day progresses.

GBPUSD has seen a rollercoaster ride in the past 24 hours in a range of 1.2820-1.2980 including a sharp rally from 1.2840 to 1.2945 as I type on the Brexit news.EURGBP similarly has seen volatility in a range of 0.9050-0.9160 and a sharp fall from 0.9125 to 0.9050 this morning as GBP got that Brexit lift. GBPJPY capped into 137.00 and fallen back on the risk-off sentiment but holding 135.20 for the moment.

I stay poised to sell GBP rallies as my preferred side and buy back in the dips as ever.  Patience continues to be a virtue and entry level key as always. I still see dip demand though with markets still in a state of uncertainty overall.

USDJPY capped again at 105.70 but holding 104.90 so far on the risk-off retreat. EURUSD failed above 1.1760 yesterday and been in steady retreat but holding 1.1700 still caught up in cross pair flows too.USDCHF held 0.9165-70 and now 0.9180 as EURUSD retreats and EURCHF remain steady but sellers remain poised.

AUDUSD is being driven by the variable USD tones and AUDJPY but failing above 0.9200 and holding 0.7130 since. USDCAD ranging 1.3250-1.3350 amid the softer oil/CADJPY plays.

Markets are ever-fickle so don't forget to contact me if there's areas of trading these markets  that you might need some further help with.

Let's continue to be careful out there in all things. Staying safe must be our main priority still. Have a great week-end.

Interbank rates:  08.46 BST

GBPUSD   1.2906

EURUSD   1.1721

EURGBP   0.9082

GBPEUR   1.1009

GBPAUD   1.8023

GBPCAD   1.7165

GBPJPY   135.67

GBPZAR   21.5320

GBPHKD   10.0061

USDJPY   105.16

USDZAR   16.6554

EURJPY   123.23

EURCHF   1.0781

EURHKD   9.0889

AUDUSD   0.7154

USDCAD   1.3308

USDCHF   0.9198

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