Tuesday 12 September 2023
Some USD demand returnng as markets wait on the key US CPI inflation data tomorrow with more than a glance ahead to Thursday when we get the latest decision on rates and policy from the ECB. Jury out on JPY pairs which have steadied for the moment after yesterday's Ueda-led volatility.
This morning saw some strong UK wages growth but that was tempered by softer jobs data and that will continue to give the BOE much food for thought. German ZEW data on the slate too at 09.00 GMT.
Equities have had an up n down 24 hours while the jury remains out and WTI capped around $87.60 this time but holding $86.60 in the retreat. Gold capping at $1930 then $1925 as equities steady but finding support around $1918 as I type amid tight range prevailing. 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: 1.2550 providing the cap yesterday and 1.2530 the ceiling this morning on the UK wages data-led spike before GBP supply came in from the jobs numbers, return of USD demand and some GBPJPY supply to test 1.2475 as I type. I remain bearish on the UK and GBP overall. Ever-poised for re-sells. EURGBP: Held 0.8550-60 yesterday but equally capping at 0.8600. More two-way expected overall as core pairs make their mind up over CB expectations. GBPJPY: Capped at 184.00 now and another decent retreat to test 183.00-20 so far. Sellers ever poised as as I've been warning.
EURUSD: A hold of 1.0700-10 in the past 24 hours after capping at 1.0770 in yesterday's extended rally. I remain a rally seller. ECB on Thursday casting a shadow. USDJPY: A decent bounce of the lows yesterday as traders took some profit after the Ueda-led retreat but capping at 147.00 before a hold of 146.20. I remain a rally seller as preferred side overall 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: 08.38 BST
GBPUSD 1.2483
EURUSD 1.0717
EURGBP 0.8587
GBPEUR 1.1646
USDJPY 146.81
GBPJPY 183.25
GBPCAD 1.6934
GBPCHF 1.1122
GBPZAR 23.5634
GBPHKD 9.7219
USDCHF 0.8909
EURCHF 0.9549
EURHKD 8.3478
AUDUSD 0.6428
NZDUSD 0.5907
USDCAD 1.3583
コメント