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
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 firstname.lastname@example.org
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.