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  • Writer's pictureMike Paterson

Greenback still in demand and risk wobbling again

Monday 18 September 2023

USD demand still prevailing amid rising US bond yields with 10-year levels not seen since 2007 which in turn is putting pressure on equities again and we've seen some softer risk appetite with JPY demand on the crosses also helping to cap core pairs. The US Fed, BOE and BOJ rate/policy decisions all in focus this week too.

Equities fell again in NY trading on Friday but steadying a little in Asia but fragile still as European trading gets underway. WTI remains underpinned but capped into $91.00 this time after holding $88.50 again in Friday's softer risk retreat. Gold capping at $1930 but finding support around $1915 amid the rising bond yield back story with tight range still prevailing. Geopolitical concerns still very much a threat to market stability with focus on increasing Ukraine/Russia tension but also the Middle East among other areas of conflict.

GBPUSD: 1.2430-40 providing the cap on Friday and a further retreat into 1.2370 accelerated by the USD and EURGBP demand plus GBPJPY supply. Keeping core shorts stil and remain poised for rally re-sells.BOE on Thursday in focus for GBP pairs. EURGBP: Capped around 0.8620 but holding 0.8580-00 now amid some renewed GBP supply generally. More two-way expected overall. GBPJPY: Capped at 183.60 then 183.20 and now testing 182.75 amid the softer risk tones. Sellers ever poised as I've been warning.

EURUSD: A hold of 1.0650 for the moment since capping at 1.0680 and I remain a rally seller overall. USDJPY: A good hold of 147.50 now amid the USD demand but still capping at 148.00 amid softer risk JPY demand and fears of MOF/BOJ intervention. I remain a rally seller as preferred side overall at these elevated levels but with patience a virtue as ever.

More detailed analysis across a variety of pairs and 1-2-1 mentoring sessions for traders from

Interbank rates: 08.45 BST

GBPUSD 1.2377

EURUSD 1.0660

EURGBP 0.8611

GBPEUR 1.1612

USDJPY 147.68

GBPJPY 182.78

GBPCAD 1.6725

GBPCHF 1.1095

GBPZAR 23.5405

GBPHKD 9.6440

USDCHF 0.8962

EURCHF 0.9553

EURHKD 8.3067

AUDUSD 0.6438

NZDUSD 0.5906

USDCAD 1.3508

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