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  • Writer's pictureMike Paterson

Markets still in fragile condition

Thursday 27 December 2018

It's the holiday season still and liquidity is thin but equity markets remain on the back foot after further Xmas Eve tumbles and risk sentiment continues to be extremely fragile as I've been warning for a while now.

GBPUSD has held 1.2620-30 again but also failed above 1.2730 on Xmas Eve and has been in retreat since. I remain GBP bearish overall and happy to jump on rallies.

EURGBP has found support around the 0.8970 area I highlighted on Monday with buy interest holding there and month-end demand in play too as I've been warning.EURUSD has rallied on some general USD supply this morning to test 1.1400 with those large option expiries today that I mentioned in play.

USDJPY fell further to test 110.30 support lines on the equity market wobble and softer risk sentiment but since been back up to 111.38 only to retreat and test 110.80 as I type.USDCHF has also been in retreat but still supported by some EURCHF demand again into 1.1280 with the SNB seemingly ever-watchful.

AUDUSD rallied a little only to run into more sell interest while USDCAD remains underpinned as the Canadian $ continues to weaken on softer oil prices and CADJPY supply still.

Fickle Forex markets ever prevailing so be ready with your entry/exit levels and don't get greedy.Remember liquidity is thin and moves can be volatile.I will update again tomorrow.

I wish you all seasons greetings, a peaceful n successful 2019 and I look forward to being of further assistance.

Have a good day one and all.

Interbank Rate 08.55 GMT GBPUSD   1.2650 EURUSD   1.1396 EURGBP   0.9008 GBPEUR   1.1098 USDJPY   110.86 EURJPY   126.39 AUDUSD   0.7041 EURCHF   1.1305 USDCAD   1.3614 USDCHF   0.9922

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