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  • Writer's pictureMike Paterson

US Dollar demand notable as another week closes

Friday 7 February 2020

Coronavirus concerns still nagging away at risk sentiment regardless of markets strangely shrugging it off on occasion this week and we've seen some safe-haven plays again, but it's the Greenback that's stealing some attention as we wait on the latest US NFPs at 13.30 GMT. As ever I don't make data predictions. Let the algos do the work whatever the figures and be ready with your entry/exit levels.

GBPUSD has now fallen through the support/bids around 1.2950 to post 1.2922 and remains on the back foot so I hope my steer again this week has helped make/save you a few pips. EURGBP has taken out the 0.8485 offers to test 0.8500 on the GBP retreat but has since fallen back as EURUSD plays a little bit of catch-up down to 1.0963. GBPJPY has fallen further to test 142.00 amid the general GBP weakness and softer risk.

I stay poised to sell GBP rallies and buy back in the dips as ever.Still ranging overall. Rinse n repeat.

EURUSD remains undermined still by its current funding currency status and now broken down to 4-month lows of 1.0963 amid the general USD demand, weaker data and some EURGBP/EURJPY/EURCHF supply. USDJPY remains underpinned amid reports that Japanese authorities may be unloading some JPY from the huge GPIF state pension fund in a move to stem too much Yen safe-haven appreciation. Sellers still poised though above 110.00/into 110.30.EURJPY gains also tempered by a soggy EURUSD and a return to some softer risk sentiment.USDCHF continues to find support but tempered again by some general CHF supply with EURCHF retreating amid the softer risk plays but with the SNB still ever vigilant.

AUDUSD has fallen back further to test 0.6700 helped by AUDJPY supply again. Comments by RBA Governor Lowe attempted once again to be upbeat but underlying concerns remain.USDCAD has held 1.3280 and posted 1.3310 amid the general USD demand and some CADJPY supply returning.

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

Off to Blackpool later today to watch the currently-improving Shrimpers from the posh seats tomorrow. Let's hope for the same show of spirit/skill from the youngsters that got us over the line last week. Bring it on!

Have a good day/weekend out there one and all.

Interbank rates: 08.18  GMT

GBPUSD   1.2932

EURUSD   1.0968

EURGBP   0.8481

GBPEUR   1.1788

GBPAUD   1.9289

GBPCAD   1.7206

GBPJPY   142.08

GBPZAR   19.3857

GBPHKD   10.0262

USDJPY   109.89

USDZAR   14.9906

EURJPY   120.54

EURCHF   1.0698

EURHKD   8.5055

AUDUSD   0.6705

USDCAD   1.3306

USDCHF   0.9752

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