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  • Writer's pictureMike Paterson

Someone's pressed the FX pause button again

Tuesday 13 April 2021

Tight ranges still as the USD and risk juries remain well and truly out but we've seen some USD selling in the past hour as Europe gets into its stride. US inflation data at 13.30 GMT could be interesting for the algos if wide of expectations.

UK data out earlier was a bit soggy overall as expected but some signs of life.We have German ZEW at 09.00 GMT which could perhaps be enlightening. Reality vs hopes and expectation these days are miles apart though. Bitcoin on a tear higher again this morning and posting 62800 from 60500.

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 a virtue too if you are to avoid getting caught in the middle.

GBPUSD: Tightly bound and finding a platform at 1.3720 but equally still finding sellers into 1.3780 and 1.3760.

EURGBP: 0.8675-80 now proving a step too far but holding 0.8640 so far as we continue to range.GBPJPY: Found support at 150.20 on core pair dip demand/netter risk tones but retreating once again from 150.80 this morning as sellers still prevail up there

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

EURUSD: Underpinned now at 1.1880 after failing into 1.1920 as we see some general USD supply but once again. Re-sells duly placed and pips banked. I remain a rally-seller overall and always poised if momentum fades but still respecting dip demand.USDJPY: Re-sells madethis time at 109.70 and some pips banked at 109.40 again where I also banked some yesterday per my tweet. I remain bearish overall but ranging still.EURJPY: Ran out of steam at 130.50 this time but equally holding 130.00 with larger support at 129.80 still.USDCHF: Support coming in at 0.9220-30 now as EURUSD makes its mind up and EURCHF holds 1.0980 again and now above 1.1000 again with the SNB ever watchful and ready to help.EURCHF: 1.0980 still holding helped by the SNB shadow.

AUDUSD: Failing at 0.7635 this time and re-sells duly placed and pips banked into 0.7600 again as per ongoing strategy. Some option interest today should help support too.USDCAD: Held 1.2540 this time but failing at 1.2590 so far this morning on softer USD/variable oil tones.

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

Interbank rates: 08.52 BST

GBPUSD 1.3752

EURUSD 1.1898

EURGBP 0.8651

GBPEUR 1.1557

GBPAUD 1.8061

GBPCAD 1.7302

GBPJPY 150.38

GBPZAR 19.9971

GBPHKD 10.6604

USDJPY 109.33

USDZAR 14.5455

EURJPY 130.11

EURCHF 1.1011

EURHKD 9.2242

AUDUSD 0.7614

USDCAD 1.2580

USDCHF 0.9246

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