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  • Writer's pictureMike Paterson

Some USD demand but all going nowhere fast still

Wednesday 2 June 2021

Yes folks, it's all ranging still amid some firmer USD tones ( well dip demand at least again) and steady risk sentiment. Lots of CB chatter but nothing we don't already know.

Jury on the Greenback still out so ignore the noise and, as always in these fickle times, be careful with your trading. Pick your preferred entry/exit levels and don't be greedy or over-analyze. Patience and discipline are key too of course.

I'm off to Lords today and tomorrow for the first time in over 18 months to watch England v New Zealand. As a long-time MCC member I shall be truly thankful to be back and watching cricket once again at the hallowed ground. I will send an MSP update tomorrow but don't expect much by way of FX tweets over the next couple of days.

GBPUSD: A good cap at 1.4180-00 but now holding 1.4140 as I type and some pips banked. I remain a rally seller but respecting the dip demand/range trading.EURGBP: 0.8600 now becoming a decent base but sellers still poised at 0.8650 so good two-way pips still whatever your bias. Options potentially in play today too.GBPJPY: Now failing around 155.60 with core pairs both capping and GBP under a little pressure still but dip demand at 154.80 while risk sentiment remains ok.

I remain a GBP rally seller across the pairs but still not getting over greedy with expectation on the retreats.

EURUSD: A good cap at 1.2250 and now testing 1.2200 suppport. USDJPY: Holding 109.30 again and looking for a fade of 109.80-00. EURJPY: 133.65-75 forming a decent base again amid the core pair dip demand and general JPY supply but sellers lurking around 134.00 again.USDCHF: Holding 0.8950 in its latest retreat as EURUSD caps again but rallies tempered by EURCHF falling to look at 1.0950 but with the SNB ever vigilant/helpful.Sellers now poised at 0.9000. EURCHF: Capped into 1.0980 this time but some general EUR dip demand and SNB shadow keeping it underpinned at 1.0950 for the moment.

AUDUSD: Another failure at 0.7770-80 and some re-sells duly placed but pips banked into 0.7730 with options in play today too.USDCAD: Now holding 1.2000 after breaking down through 1.2030 on the firmer oil tones and now back up through 1.2060 finally amid some firmer USD tones.Sellers poised still though.

Let's continue to be careful out there in all things. Staying safe must be our main priority still.

Interbank rates: 07.16 BST

GBPUSD 1.4154

EURUSD 1.2213

EURGBP 0.8627

GBPEUR 1.1588

GBPAUD 1.8292

GBPCAD 1.7083

GBPJPY 155.32

GBPZAR 19.4865

GBPHKD 10.9705

USDJPY 109.73

USDZAR 13.7810

EURJPY 134.01

EURCHF 1.0964

EURHKD 9.4671

AUDUSD 0.7736

USDCAD 1.2069

USDCHF 0.8978

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