Mike Paterson’s Daily Forex Brief

Apologies for the late posting but the joy of rural living and power lines being shaken by slightly more than an autumn breeze has seriously hampered my work this morning!

Not much to write home about again anyway but in quiet markets the Euro has edged a little higher with EURUSD finally breaking through strong resistance at 1.3000 but finding more sellers above it.

Next technical resistance is at 1.3015 and so far it’s been one step too far despite better than expected Eurozone and German ZEW data out this morning and we’ve seen a move back down to 1.2990 as I type.

EURGBP continues to have a snooze but we’ve seen it a little higher too at 0.8081 and we’ve just had notice of lower inflation data out just now (.lowest in 3 years) but which in any case was in line with expectations.

GBPUSD had a look above 1.6100 earlier but didn’t like it, first time around at least.

As expected too were the Minutes published by the RBA last night and we’ve seen little change in the Aussie dollar despite a little flurry either side of the release. AUDUSD is well supported in the current risk-on environment but has good offers still around 1.0300.

More data to come from the US this afternoon and we can only hope it has some bigger impact than this morning’s efforts.

World Cup football action again tonight, with more than one manager’s job on the line as well as a few players with something to prove. Unlike jockey Richard Hughes who yesterday rode 7 winners from 8 races at Windsor for combined odds of 10,168-1. Now that’s what I call a good day’s work.

Forex Update-The Economic Voice Limited

Forex Update-The Economic Voice Limited

Interbank Rates at 08:47 BST

Currency Pair

Current

Overnight

High

Low

EUR/USD 1.3002 1.3012 1.2943
GBP/USD 1.6100 1.6109 1.6060
EUR/GBP 0.8077 0.8081 0.8053
GBP/EUR 1.2383 1.2419 1.2373
GBP/CHF 1.4972 1.5006 1.4961
GBP/AUD 1.5660 1.5698 1.5637
EUR/CHF 1.2089 1.2094 1.2081
GBP/HKD 12.4823 12.4893 12.4513
EUR/HKD 10.0802 10.0939 10.0260
GBP/ZAR 14.1047 14.1954 14.0718
USD/JPY 78.83 78.94 78.62
GBP/CZK 30.8223 31.9490 30.7662

 

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 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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