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  • Writer's pictureMike Paterson

Cautious start to the new week

A mixed US jobs report on Friday (better employment/softer wages) continues to give the FOMC a headache while US/China trade concerns hit another bump in the road but talks expected to resume this week, and a crunch week approaches for Brexit/Johnson. All in the mix for a cautious but potentially busy week ahead for FX pairs.

GBPUSD is STILL providing good two-way opportunity regardless of your bias but currently finding some support below 1.2300. EURGBP has remained underpinned on the generally softer Pound and we've seen a hold of 0.8880-85 (GBPEUR 1.1260) but failing above 0.8930 1.1200) so far. GBPJPY has also seen good two-way business with a failure into 132.00 resulting in another retreat helped by a softer Pound/risk combo and breaking down through 131.50 to test 131.20-30.

I will continue to rally-sell GBP as my preferred strategy overall amid the ongoing uncertainty/indecision including Brexit/political fallout.Rinse and repeat.Still no reason to change my view any time soon as the current madness plays out but caution as ever is appropriate. There'll be plenty of opportunities this week so stay poised but don't go chasing too hard.

EURUSD once again failed to break 1.1000 which continues to be a decent line in the sand but underpinned AT 1.0950 for the moment. USDJPY has fallen again on some softer USD and risk tones but holding 106.50 on the latest retreat.USDCHF has also also fallen a little further on the softer risk with EURCHF also retreating helped by EURUSD capping into 1.1000 again. EURCHF has fallen back through 1.0900 too. This morning's latest SNB FX reserves data shows evidence of ongoing support as per their repeated rhetoric.

AUDUSD failed into 0.6780 again helped by some decent AUDJPY supply but holding 0.6735 still for the moment. USDCAD held 1.3300 once again but still failing to breach the 1.3350 line-in-the-sand.

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

The soggy Shrimpers sadly showed little spirit once again on Saturday but our intrepid 33.5mile walkers to the game certainly did and have so far raised around £6k. A fantastic effort for which MSPFX were delighted to be headline sponsors and we say a big thank-you to anyone out there who has donated.

Have a good day/week one and all.

Interbank Rate 08.40 BST

GBPUSD   1.2305

EURGBP   0.8915

EURUSD   1.0975

GBPEUR   1.1212

GBPAUD   1.8221

GBPCAD   1.6396

GBPNZD   1.9535

GBPJPY   131.50

GBPZAR   18.5952

GBPHKD   9.5401

USDJPY   106.86

USDZAR   15.1308

EURJPY   117.28

EURCHF   1.0916

EURHKD   8.5088

AUDUSD   0.6753

USDCAD   1.3326

USDCHF   0.9947

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