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  • Writer's pictureMike Paterson

Jury out again

Thursday 9 November 2023

Markets making their mind up again amid the ongoing Middle East back-story sadly continuing and second-guessing the Central Banks with the Greenback ranging tightly but still underpinned, risk sentiment mixed and oil prices still in retreat. JPY supply still notable overall and helping to underpin core pairs again.

A few Federal Reserve speakers today including Chair Powell at 19.00 GMT and the latest US jobs indicator in the form of the weekly Initial Jobless Claims at 13.30 GMT.

Equities had another retreat before a partial rally and remain underpinned as European trading gets underway while WTI has found some support into $75.00-20 after capping at $77.00 this time as the slippery side continues with the global demand concerns continuing. Gold capped at $1960-65 this time as risk firmed with natural sellers ever poised still but has found support around the $1945 this morning as we continue to range tightly but on with the shiny stuff losing its gloss for the moment.

GBPUSD: Capping at 1.2300-10 again after holding 1.2240 yesterday helped by some GBPJPY demand still. I remain poised for rally sells when momentum fades. EURGBP: Testerday's rally on the general GBP supply capped at the old 0.8720-30 resistance area and now testing 0.8700 again. More two-way expected amid the core pair fluctuation. GBPJPY: Holding 184.60 again yesterday as risk sentiment turned firmer on the equity market bounce. Now posting 185.80 with sellers poised amid possible MOF/BOJ intervention as USDJPY tests their patience again.

EURUSD: Support at 1.0660 still but failure into 1.0720 amid some USD demand returning but ranging tightly still. I remain a rally seller overall.USDJPY: Posting 151.10 amid the USD demand and better risk tones and holding 150.50-70. Some jobbing pips banked to improve the position average and I remain a rally seller as preferred side overall at these elevated levels. MOF/BOJ cast a shadow still.

For more detailed analysis across a variety of pairs email

Interbank rates: 08.38 GMT

GBPUSD 1.2287

EURUSD 1.0700

EURGBP 0.8711

GBPEUR 1.1480

USDJPY 150.98

GBPJPY 185.48

GBPCAD 1.6974

GBPCHF 1.1073

GBPZAR 22.8388

GBPHKD 9.5817

USDCHF 0.9000

EURCHF 0.9630

EURHKD 8.3464

AUDUSD 0.6410

NZDUSD 0.5931

USDCAD 1.3793

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