Monday 23rd January 2023
General USD weakness to greet the new week but some JPY supply helping to underpin USDJPY and EURCHF demand notable again to put a bid under USDCHF amid some dovish tones to Fed speakers/WSJ but with markets still second-guessing the central banks and inflation retreat. Quiet Asian session as Lunar New Year gets under way.
Equities are off their Friday lows but struggling to make too much headway highway again so far as the European session gets underway while WTI duly held $80.00 support then $81.00 but finding some sell interest at $82.00 that I mentioned on Friday. More sellers poised at $82.50. Gold still finding support at $1920 having failed to breach $1935 amid the uncertainty so still tightly bound albeit in an upward trend. Ukraine/Russia war continues to be the elephant in the room amid other geopolitical risk. ECB's Lagarde stuck to her usual line of nothing is changing for the moment, while colleagues Rehn and Knot also provided some hawkish talk and the Euro breathes happily again.
Remember, focus on the price action and let the algos do the heavy lifting/dropping. The important thing is to identify your preferred risk/reward entry/exit levels.
GBPUSD: Underpinned now at 1.2360-80 helped by some GBPJPY demand still but failing into 1.2435-50 again and pushed back a little this morning but holding 1.2400 as I type. I remain poised to re=sell per ongoing strategy but some caution still advised amid the uncertainty. Keep an eye on GBP crosses still.EURGBP: 0.8740-50 still providing decent support but the rally failing into 0.8800 having finally broken 0.8780. Expect some two-way business as core pairs and CBs make their mind up. GBPJPY: Finding support at 160.50 now amid some general JPY supply and GBPUSD breaking up through 1.2400 but capping at 161.60 so far. Good two-way pips expected still whatever your preference.
Plenty of other currencies I look at so mail mike@mspfx.co.uk to get my full update.
Let's be careful out there.
Interbank rates: 07.58 GMT
GBPUSD 1.2415
EURUSD 1.0907
EURGBP 0.8785
GBPEUR 1.1380
GBPCAD 1.6567
GBPCHF 1.1388
GBPZAR 21.3208
GBPHKD 9.6674
USDJPY 130.00
EURJPY 141.81
EURCHF 1.0007
EURHKD 8.4950
AUDUSD 0.6987
NZDUSD 0.6479
USDCAD 1.3357
USDCHF 0.9173
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