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  • Writer's pictureMike Paterson

An uneasy peace ensues

Tuesday 21 March 2023

It's been a 24 hours of consolidation after another early wobble yesterday with some relative calm returning and JPY supply notable again underpinning cross and core pairs. The jury remains out of course as it rightly should with the US Fed announcing their latest decision tomorrow then the SNB and BOE on Thursday.

Equities have enjoyed a decent rally as the rollercoaster fragile risk ride continues. WTI has found a base at $65.50-66.00 but still failing to hold above $68.00 as the fragile/fickle risk tones remain. Gold has been in further retreat amid the better risk tones but still holding $1960 as I type. Ukraine/Russia war continues to be the main geo-political elephant in the room with ongoing US/China tensions in the mix too. China's Xi and Putin having a love-fest as the fragile global landscape looks ever more concerning.

GBPUSD: Holding 1.2200 yesterday amid the USD supply and better risk GBPJPY demand but capping around 1.2285 with decent offers/resistance at 1.2300-20- lurking. R-sells duly placed again and some pips banked in the retreat to 1.2240 so far. I remain a rally seller still albeit continuing with some caution.Some option interest in play should we head back below 1.2180. EURGBP: Another solid fall to 0.8730 yesterday after capping into 0.8770 but finding some support again a rally to look at 0.8765 again as I type.Expect some more two-way trading as core pairs and risk both fluctuate.

GBPJPY: Support line back in at 160.00 this time amid the better risk tones and JPY supply but failing into 162.00 with rally sellers poised as the uncertainty/fickle sentiment continues and core pairs head into reistance areas too.

More detailed analyis across many more pairs from

Interbank rates: 07.31 GMT GBPUSD 1.2257 EURUSD 1.0716 EURGBP 0.8743 GBPEUR 1.1437 USDJPY 131.65 GBPJPY 161.39

GBPCAD 1.6758

GBPCHF 1.1375

GBPZAR 22.6770

GBPHKD 9.5427 EURCHF 0.9964

EURHKD 8.3416 AUDUSD 0.6691 NZDUSD 0.6212 USDCAD 1.3681 USDCHF 0.9300

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