Mike Paterson’s Daily Forex Brief
Friday saw some more Euro selling as talks amongst the US congressional leaders on the “fiscal cliff” were well received by the markets, and then ECB’s Noyer suggested that the OMT (Outright Monetary Transaction) mechanism could be used for Greece “some day”.
EURGBP also had a move down to 0.8009 (GBPEUR up to 1.2486) on Friday afternoon but has since found a bit of support in line with the Euro buying elsewhere but so far we’ve failed to breach the 0.8040 resistance and now fallen back to 0.8030 in early European trading (GBPEUR 1.2450).
GBPUSD did dip below the 1.5850 support line as the greenback found some buyers on the initial “fiscal cliff” talks but failed to break below decent bids lined up around 1.5830 and we’ve since been back up to 1.5924, where an array of sellers have been quick to jump back in once EURUSD ran out of steam.
Overall the Pound remains a mixed bag but may have been dented a little by an interview published yesterday that BOE dove Danny Miles still sees room for more QE despite last week’s inflation data.
All still very much in a range though and there’s little to get excited about. Today’s lack of data from this side of the pond won’t help but US housing figures out later may have an impact.
And the mighty Shrimpers picked up a brilliant 3 points away from home with an emphatic 4-1 victory, while England’s rugby boys really should have enjoyed similar success against an Aussie side dispatched without mercy by France last week. The open play deserved better success but skipper Robshaw must be rueing the decision not to kick for goal on three occasions.
Forex Update-The Economic Voice Limited
This morning brought the inevitable but delayed outcome from India where our cricketers duly got walloped in a 9 wicket First Test defeat. Skipper Cook showed his true class again with a superb 176, as did Prior. But their ability to overcome spin and the conditions only helped to highlight the awful display from the rest of the team with both bat and ball.
Hey ho, Lewis Hamilton picked up a leaving present for McLaren to give some kind of cheer to English sports fans and it sets up a last race title-decider for Vettel and Alonso in Brazil.
Have a good week everyone.
Interbank Rates at 08:46 BST
|
Currency Pair |
Rates |
| EURUSD | 1.2778 |
| GBPUSD | 1.5903 |
| EURGBP | 0.8034 |
| GBPEUR | 1.2445 |
| GBPCHF | 1.5000 |
| GBPAUD | 1.5319 |
| EURCHF | 1.2052 |
| GBPHKD | 12.3296 |
| EURHKD | 9.9072 |
| GBPZAR | 14.0591 |
| USDJPY | 81.30 |
| GBPCZK | 31.7683 |
Today’s Data: BST
15.00-US- Existing Home Sales
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Mike ‘Oscar’ Paterson has been in the Forex trenches for nearly three decades working as a senior Spot trader in London at UBS, Chief Dealer FX at the State Bank of Victoria and in charge of Spot CHF at Credit Suisse with a daily turnover in excess of $1.5 billion. Mike now works as an independent consultant providing a fully bespoke service to the corporate and private sectors in physical FX delivery as well as guiding those who wish to improve their currency trading. Mike also presents seminars and workshops and writes for a number of publications.
To contact Mike please call +0044 (0) 1732 700383 or email mike.paterson@economicvoice.com
The views expressed above are those of the author and should not be taken as investment advice. MSP Foreign Exchange Services will have no liability for, or to, any persons executing trades based on the content above.
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