Mike Paterson’s daily Forex brief

I’m sure most of you won’t be reading this today what with all the excitement of drinks and mince pies in the office, kids probably running around pulling out your computer leads, and then there’s the last minute panic when you realise you still haven’t bought a single present, but I’ll give you a quick summary of what’s been going on.

Not a lot.

See? That was quick eh? A glance at the rate table below proves my point. Sure, we’ve had the usual flurries but really nothing to write about or to keep you from your mince pies and bucks fizz.

Data just out shows that UK mortgage approvals fell by £0.5 billion between October and November and are now at a record low of £0.317 billion. But hey, it’s Xmas and we don’t want to talk about nasty things like that…

FX Update

FX Update

I shall be back at my desk next Wednesday and we’ll see what the final year-end flurry brings us.

In the meantime I wish you all a very Happy Xmas and thanks to all of you that have used my services this year. To those who haven’t, what’s keeping you? Don’t you realise what you’re missing out on?!!!

Today's Data:

09.30-UK- Mortgage Approvals / Index of Services

13.30-US- Durable Goods Orders / PCE Price Index / Personal Income/Expenditure

15.00-US- New Home Sales

Interbank Rates as of 08:47 BST

Current Price

Overnight

High

Low

EUR/USD

1.3068

1.3096

1.3045

GBP/USD

1.5692

1.5709

1.5670

EUR/GBP

0.8326

0.8342

0.8319

GBP/EUR

1.2008

1.2022

1.1986

GBP/CHF

1.4682

1.4691

1.4652

GBP/AUD

1.5434

1.5488

1.5406

EUR/CHF

1.2221

1.2230

1.2207

GBP/HKD

12.1660

12.1792

12.1490

EUR/HKD

10.1316

10.1612

10.1174

GBP/ZAR

12.8262

12.8938

12.7121

USD/JPY

78.03

78.24

78.01

GBP/CZK

3.0804

3.0941

3.0645

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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