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  • Writer's pictureMike Paterson

USD demand and risk-off sentiment still prevailing

Tuesday 9 July 2019

The reality check on the over-cooked hype on loads of US Fed rate cuts is still playing out along with the general global fragility/ongoing trade talk concerns et al and we remain in cautious mode.

GBPUSD is currently down testing those 1.2480-85 bids again after a failure into the 1.2535 offers I warned about yesterday amid the USD demand, on-going UK political uncertainty, and the spat with Trump over leaked docs from the UK Ambassador. EURGBP continues to find dip demand with EURUSD also supported in the dips but and now breaking up through 0.8985 (GBPEUR down through 1.1130) as I type. GBPJPY sellers remain poised still and have capped the latest rally at 136.30 per but equally seeing some dip demand around 135.50 still  for the moment as USDJPY remains underpinned.

I remain GBP bearish overall still and will continue to rally-sell as my preferred strategy amid all the uncertainty/indecision including Brexit/political fallout and I hope my long-held view continues to help guide you.

EURUSD is still finding the expected support into 1.1200 but similarly now can't get back above 1.1220-30.  while USDJPY remains underpinned still with the general USD demand but fragile risk continues to help cap rallies and has a few option expiries again today at 109.00. USDCHF remains underpinned and posted fresh highs of 0.9950 but also capped by some general CHF demand/EURCHF supply.

AUDUSD has had another wobble amid the USD demand and soft overnight business activity data while USDCAD held good support at 1.3050-60 again and has enjoyed the USD demand/softer oil combo to test 1.3130 again.

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

Have a good day out there one and all.

Interbank Rate 08.35 BST

GBPUSD   1.2483

EURUSD   1.1211

EURGBP   0.8980

GBPEUR   1.1135

GBPAUD   1.7965

GBPCAD   1.6377

GBPJPY   135.85

GBPZAR   17.7012

GBPHKD   9.6757

USDJPY   108.84

USDZAR   14.2006

EURJPY   122.00

EURCHF   1.1135

EURHKD   8.6895

AUDUSD   0.6946

USDCAD   1.3122

USDCHF   0.9932

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