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  • Writer's pictureMike Paterson

Markets still second-guessing as another week comes to a close

Friday 8 February 2019

Further to my BOE update yesterday we've seen some decent moves but the jury still remains out and markets globally continue in fragile mode with a number of concerns on many fronts.Meanwhile UK PM May heads over to Ireland today so stand by for even more Brexit backstop headlines.

After those GBPUSD lows of 1.2857 we bounced back to 1.2996 before running into another reality check  as well as a bank of sellers at 1.3000 including me to post lows of 1.2921 this morning.EURGBP has fallen back to 0.8733 (GBPEUR up to 1.1450) as GBP found that post BOE demand far but also renewed Euro supply on some fairly awful GDP downgrades.

I remain GBP bearish overall and continue to rally-sell.No change as far as I'm concerned right now.

EURUSD has found support again with those buyers at 1.1320-30 still prevailing for the moment but it's looking soggy still while USDJPY has seen good two-way business in the 109.50-00 range I've highlighted as risk sentiment continues to look fragile.

USDCHF remains underpinned but failed again into the 1.0030 offers I've been mentioning ( see I really don't make these up. lol) with EURUSD still fragile and EURCHF again finding some dip demand as it falls with the SNB ever-watchful.

AUDUSD continues to look soggy and has now been down to 0.7061 while USDCAD has moved higher yet again to post 1.3272 with softer oil prices and CADJPY supply both in play.

Fickle Forex markets ever prevailing so be ready with your orders as always.

Tomorrow the inconsistent Shrimpers of Southend travel the short distance (37 miles, which I know cos I walked it 2 years ago for charity!) hoping to get at least a point to stop the current rot.

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

Interbank Rate 08.30 GMT

GBPUSD   1.2929

EURUSD   1.1330

EURGBP   0.8762

GBPEUR   1.1412

GBPAUD   1.8245

GBPCAD   1.7213

GBPHKD   10.0238

USDJPY   109.79

EURJPY   124.41

GBPJPY   141.97

AUDUSD   0.7087

EURCHF   1.1349

USDCAD   1.3312

USDCHF   1.0017

EURHKD   8.7836

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