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  • Writer's pictureMike Paterson

US Dollar demand notable

Thursday 26 September 2019

It's all relative these days given the ultra-tight ranges that we generally experience but the last 24 hours has produced some decent USD demand amid a scenario of large option expiry interest today that I have highlighted.Global risk sentiment remains wobbly and the UK continues to embarrass itself both in and out of Parliament as the Brexit/Johnson debacle continues.

Weekly US jobless claims, Q2 GDP and PCE at 12.30 GMT the data risk today with speeches from Draghi, BOE's Cunliffe and various Fed heads all in the mix too.

GBPUSD has continued its recent retreat to the delight of bears like me but so far clinging onto 1.2345-50 albeit with rallies limited to 1.2380-85.EURGBP held 0.8820-30 with the core pairs both falling and with month-end demand once again in play to provide expected dip-demand as ever.We've capped at 0.8878 so far tho (GBPEUR support 1.1265).GBPJPY has also fallen a little further again having capped around 134.00 but finding support into 133.00 this morning.

I will continue to rally-sell GBP as my preferred strategy amid all the uncertainty/indecision including Brexit/political fallout but happy to buy back in the dips as always.Rinse and repeat.Still no reason to change my view any time soon as the current madness plays out.

EURUSD has duly been capped by large option expiries at 1.1000 today which now total €6.4bln and pushed lower by the general USD demand. USDJPY has been up to test 107.80-85 offers/res but the range will remain contained with large option contract interest in the mix too.USDCHF has also enjoyed the ride higher again and now posted 0.9938 as EURUSD retreats and EURCHF remains range bound.

AUDUSD has duly retreated further after that false break above 0.6800 with large expiries today helping to cap. USDCAD still has good two-way pips to be had in a 1.3220-1.3320 range amid the variable oil/USD/risk sentiment.

Fickle Forex markets ever prevailing so be ready with your entry/exit levels and orders as always.

Don't forget I offer 1-2-1 mentoring if there's areas of trading this latest volatility, or how to make best use of the order boards and expiries that you might need some further help with.

Have a good day out there one and all.

Interbank Rate 08.25 BST

GBPUSD   1.2455

EURGBP   0.8859

EURUSD   1.0947

GBPEUR   1.1285

GBPAUD   1.8294

GBPCAD   1.6366

GBPNZD   1.9584

GBPJPY   133.01

GBPZAR   18.5840

GBPHKD   9.6564

USDJPY   107.67

USDZAR   15.0736

EURJPY   117.86

EURCHF   1.0865

EURHKD   8.5568

AUDUSD   0.6753

USDCAD   1.3250

USDCHF   0.9928

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