Friday 6 October 2023
Key US NFP jobs and wages data at 12.30 GMT remains the focus and the USD jury remains out with some selling notable yesterday but steadier tones this morning. All relative of course as markets continue to range tightly anyhow. USDJPY rallied in Asia after comments by Fin Min Suzuki said there were many factors to consider to decide whether FX moves were excessive.
Equities fell in NY trading then rallied again and staying firmer again in early European trading adding to better risk tones and JPY supply underpinning core FX pairs again too. WTI continues its latest wobble and has fallen further to test $81.20-30 before finding some technical support again with the jury still out amid the uncertain global picture. Gold finding support around $1815 still with natural sellers poised again between $1825-30. Geopolitical concerns still very much a threat to market stability with focus on increasing Ukraine/Russia tension but also the Middle East among other areas of conflict.
GBPUSD: Capping above 1.2200 this morning as I type with decent size options in play between 1.2175-1.2225 after another good hold of 1.2100 and rally yesterday amid the USD supply.I remain poised for further re-sells. EURGBP: Holding 0.8640-50 still after capping at 0.8675 as core pairs rally off their lows at differing pace again. More two-way business expected. GBPJPY: Holding 180.50 yesterday and now posting 181.65 as I type amid firmer risk tones. Rally sellers ever poised still when risk softens.
EURUSD: 1.0500 forming a base yesterday amid the USD supply and now up through 1.0530 resistance but capping above 1.0550. I remain a rally seller overall.USDJPY: 148.25-30 holding again yesterday's retreat amid some softer USD tones but falls tempered by better risk JPY supply and those Suzuki comments. I remain a rally seller as preferred side overall at these elevated levels but with patience a virtue as ever.
More detailed analysis across a variety of pairs and 1-2-1 mentoring sessions for traders from mike@mspfx.co.uk
Interbank rates: 08.46 BST
GBPUSD 1.2203
EURUSD 1.0550
EURGBP 0.8645
GBPEUR 1.1565
USDJPY 148.88
GBPJPY 181.70
GBPCAD 1.6714
GBPCHF 1.1136
GBPZAR 23.6688
GBPHKD 9.5038
USDCHF 0.9121
EURCHF 0.9623
EURHKD 8.2177
AUDUSD 0.6367
NZDUSD 0.5964
USDCAD 1.3696
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