Business & Finance, News

Prices in tight range as traders await fresh impetus

Prices in tight range as traders await fresh impetus
March 16th, 2012
Author: Mike Paterson

Mike Paterson’s daily Forex brief

Not a whole load to report this morning to be honest as markets have ground to a halt after the fun and games of the past few days.

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There’s been little in the way of any fresh impetus over the past 24 hours and while we’ve seen some volatility it’s all been in a very narrow range.

EURUSD has support at 1.3050 and of course the 1.3000 level that held before, with sellers emerging at 1.3125 and 1.3150. GBPUSD has buyers around 1.5680 and sellers above 1.5750 while we’ve seen little change in the ranges on other pairs either, with the USD generally still wanted but not making any further gains.

EURGBP came down in a rush earlier this morning on the back of some strong sell interest out of Switzerland but that was only from 0.8330 (1.2004) to 0.8305 (1.2040). There is talk of another Swiss name on the bid at 0.8295 so that could seal our immediate range on that pair too.

Gold has poked its head back above the $1650 pivot line but has failed to make any real gains and the jury remains firmly out still.

Forex Update

Forex Update

Little in the way of data today but it’s Friday and regular readers will know that means we should always expect something to break at some point. Traders will be keeping an eye on those US treasury yields I mentioned yesterday.

What a sporting feast we have this week-end , starting this afternoon at Cheltenham when Kauto Star bids for his third Gold Cup win at Cheltenham against defending champion Long Run. Then FA Cup quarter-final and 6 Nations action tomorrow and Sunday. Oh, and the mighty Shrimpers away to lowly Hereford tomorrow too lest we forget in all the emotion..!

Have a great week-end, whatever you’re doing, and for our UK readers don’t forget to make a fuss of your Mum on Sunday….

Agree or disagree? Then please leave a comment in the box below or contact me by e-mail.

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
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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