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  • Mike Paterson

Wobbly risk sentiment greets the new week

Monday 17 May 2021

Bitcoin tumbling on talk the Musk has sold Tesla's holding, now denied but some damage duly done on various levels, plus equities generally softer but ranging tightly has also kept FX pairs closely bound too.

Jury on the Greenback still out so ignore the noise and, as always in these fickle times, be careful with your trading. Pick your preferred entry/exit levels and don't be greedy or over-analyze. Patience a virtue too of course.

GBPUSD: Capped at 1.4120 after a solid rally on Friday but that 1.4080 resistance now becomes a decent base. EURGBP: A good hold of 0.8600 now but equally still capping around 0.8620-25 as core pairs make their mind up. GBPJPY: Now underpinned at 153.80 amid the general JPY supply and core pair dip demand but sell interest at 154.30 helping to cap now amid the uncertainty.

I remain a GBP rally seller across the pairs but still not getting over greedy with expectation on the retreats.

EURUSD: A good hold of 1.2100 and now 1.2120 amid some general USD softness and firmer bund yields but also with large option Puts in play today and tomorrow.USDJPY: Now capping at 109.50 amid the softer Greenback and risk tones but holding 109.15 so far with some general JPY supply still notable. EURJPY: 132.20 still a decent base but capping into 133.00. USDCHF: In retreat as I type as EURUSD rallies but SNB ever watchful and ready to help. Good size sellers still poised into 0.9050-60.EURCHF: Capped into 1.0960 as USDCHF falls but some general EUR demand and SNB shadow keeping it underpinned.

AUDUSD: A good hold of 0.7730 support but capping at 0.7780 and decent option interest again today and tomorrow at 0.7750 should help contain. USDCAD: Capping at 1.2160 amid softer USD tones but finding support at 1.2100 for the moment with larger interest at 1.2080 again.

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

Interbank rates: 08.47 BST

GBPUSD 1.4094

EURUSD 1.2138

EURGBP 0.8613

GBPEUR 1.1609

GBPAUD 1.8170

GBPCAD 1.7074

GBPJPY 153.96

GBPZAR 19.9320

GBPHKD 10.9317

USDJPY 109.24

USDZAR 14.1356

EURJPY 132.64

EURCHF 1.0954

EURHKD 9.4157

AUDUSD 0.7756

USDCAD 1.2115

USDCHF 0.9024

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