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  • Writer's pictureMike Paterson

Someone's pressed the pause button again.

Tuesday 29 August 2023

FX pairs ranging still after yesterday's UK holiday gave everyone an excuse for an extended week-end and the second guessing continues with little of note out of Jackson Hole with the hawkish tones from US Fed Chairman Powell mostly as expected and as I warned prior.

Month-end USD flow signals point to mild buying interest with strongest versus CAD but also some EUR corp demand again too.

Equities ranging while WTI has held at $79.50-60 in the latest retreats having rallied to $80.80 yesterday as the uncertainty continues. Gold finding support around $1910-15 again yesterday but natural sellers still prevailing between $1920-25 as the jury remains out and tight ranges prevail. Geopolitical concerns still very much a threat to market stability with focus on Ukraine/Russia but also tension in the Middle East among other areas of conflict.

GBPUSD: Support at 1.2560 helped by better risk GBPJPY demand but failing to make much headway higher for the moment. I remain bearish on the UK and GBP overall, ever-poised to sell rallies still. EURGBP: Finding a cap at 0.8585-90 but holding 0.8560-65 still with more two-way expected overall as core pairs make their mind up. GBPJPY: Capping at 185.00 but holding 184.50 amid the steadier risk tones for the moment and some natural JPY supply. Sellers will remain poised as risk remains fragile.

EURUSD: Holding support into 1.0800 in latest retreats where we also have decent option interest today but equally capping at the old 1.0830-40 resistance. I remain a rally seller. USDJPY: Capping at 146.50-60 for the moment but equally support coming in at 146.309 as we continue to range tightly. I remain a rally seller as preferred side overall but with patience a virtue as ever. I still regard the risk being to the downside but no denying its underpinned for the moment.

More detailed analysis across a variety of pairs and 1-2-1 mentoring sessions for traders from

Interbank rates: 07.51 BST

GBPUSD 1.2600

EURUSD 1.0811

EURGBP 0.8570

GBPEUR 1.1667

USDJPY 146.40

GBPJPY 184.64

GBPCAD 1.7136

GBPCHF 1.1152

GBPZAR 23.3175

GBPHKD 9.8154

USDCHF 0.8846

EURCHF 0.9562

EURHKD 8.4130

AUDUSD 0.6445

NZDUSD 0.5925

USDCAD 1.3598

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