Mike Paterson’s daily Forex brief

The USD $ has continued to be the traders’ choice at the moment as the global uncertainty casts its giant shadow over the markets.

EURUSD has fallen further to 1.2208 just ahead of strong support while GBPUSD has lost its 1.5500 buyers and fallen again to 1.5447.

EURGBP is in a tight range around 0.7900 (GBPEUR 1.2658) but if EURUSD gives up 1.2200 we can expect another move to the downside before GBPUSD plays catch up.

Overall the Pound is little changed and equities/gold are both a tad lower.

Little in the way of data today but ECB President Draghi speaks at 13.00 BST.

And it’s been revealed that the former FIFA president, Joao Havelange, took huge bribes from its marketing company. Why is anyone at all surprised……?

Interbank Rates 08:52 BST

Currency Pair

Current

Overnight

High Low
EUR/USD 1.2221 1.2249 1.2208
GBP/USD 1.5462 1.5517 1.5447
EUR/GBP 0.7900 0.7907 0.7885
GBP/EUR 1.2653 1.2684 1.2644
GBP/CHF 1.5200 1.5233 1.5185
GBP/AUD 1.5234 1.5249 1.5108
EUR/CHF 1.2008 1.2011 1.2007
GBP/HKD 11.9877 12.0303 11.9761
EUR/HKD 9.4741 9.5146 9.4418
GBP/ZAR 12.8526 12.9352 12.7355
USD/JPY 79.34 79.96 79.23
GBP/CZK 32.1238 32.1900 32.0566

Today’s Data: BST

10.00-EU – Eurozone Industrial Production

13.00-EU – ECB President Draghi speaks

13.30-US – Import Price Index / Weekly Jobless Claims

19.00-US – Federal Budget Balance

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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