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  • Writer's pictureMike Paterson

Another roller-coaster ride as uncertainties continue

Friday 12 October 2018

Equity markets have been all over the place again, as has risk sentiment, all helping to keep the Greenback generally lower but markets second-guessing still.

GBPUSD looked at 1.3250 but then fell back to test support lines at 1.3180 only to feel some Brexit love again and rallied to eventually post highs of 1.3258 this morning amid all the noise and both GBPJPY selling/buying. Sell interest poised between 1.3250-60 still with 1.3280-00 still a very good line in the sand. Immediate demand now around 1.3200 with larger into the 1.3180 area still then more at 1.3150, 1.3130 and larger at 1.3100. I remain a GBP rally seller for the moment but with a little caution still and happy to buy back in the dips.

EURGBP has been up to 0.8771 (GBPEUR down to 1.1400) but remains contained for the moment. Sellers poised now around 0.8780 still then 0.8800 and 0.8830. Bids/support around 0.8750 then larger between 0.8700-20.

EURUSD has had a couple of attempts to stay above 1.1600 but failing to do so amid the general two-way business and variable Euro demand.Decent bids/support now between 1.1550-60 with options rolling off at 1.1550 then 1.1520, 1.1500, then 1.1475-80 and still between 1.1450-60 with sellers now poised between 1.1620-30 and 1.1650.

USDJPY is still finding rally-sellers on the general risk-off Yen demand/USD supply tones but continues to find buyers below 112.00 with sellers capping rallies around 112.50. Bids/demand now around 112.00,111.85 and 111.60 with sell interest still around 112.50 then 112.80-00. I remain a rally seller. USDCHF has also found sellers on the CHF safe-haven demand but equally supported by EURCHF demand with the SNB never too far away in these uncertain times. EURCHF demand now around 1.1430 and 1.1380-1.1400 still and helping to underpin both pairs.Sellers between 1.1480-1.1500. USDCHF bids now at 0.9880, 0.9860 and 0.9830 with sell interest around 0.9930 and 0.9960 still. I remain a dip buyer on both.

AUDUSD still remains tightly bound too but helped by some more conciliatory tones on the US-China trade spat . Immediate demand now at 0.7100, 0.7180 then 0.7045-50 still.Sellers poised around 0.7130 again then 0.7150 still and 0.7180. USDCAD has fallen back to test 1.3000 amid all the noise elsewhere and some dip demand for oil.Sell interest now at 1.3050 then 1.3080 and 1.3100 still with buyers around 1.3000 with large option interest there today, 1.2980 and 1.2960.

Fickle Forex markets ever prevailing so get your orders in to take full advantage of these moves.

Tomorrow sees the mighty Shrimpers of Southend United travel across the Thames to take on "local" rivals Gillingham. The game is always an eagerly awaited fixture but none more so this time than by my brother Steve who is over on a short trip from Canada and will see Southend play for the first time in over 40 years having left Essex for foreign shores aged just 23. Enjoy your long-overdue day with us mate and let's hope the boys give you the perfect 3 point return.

Have a great week-end out there one and all wherever yours takes you.

Twitter: @MSPFX and @MikePatersonFX

Interbank Rate 08.45 BST

GBPUSD 1.3253

EURUSD 1.1601

EURGBP 0.8753

GBPEUR 1.1422

USDJPY 112.33

USDCAD 1.3013

USDCHF 0.9884

GBPAUD 1.8604

GBPCAD 1.7248

GBPCHF 1.3100

GBPZAR 19.1757

GBPHKD 10.2750

EURHKD 8.9958

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