Mike Paterson’s Daily Forex Brief

We’re still in the range and once again the Euro has picked up buyers in the dips despite the Eurozone’s on-going woes, but it’s all painfully slow out there.

EURUSD briefly broke below the 1.2900 support line yesterday but found more buyers at 1.2890 and we’ve since rallied to 1.2980 with EURGBP also failing to break lower and bouncing back to 0.8106 (GBPEUR down to 1.2335).

EURJPY is higher again as traders buy the dips across the board and this has pushed USDJPY back up to 82.22 after its recent sell-off.

GBPUSD is back clinging to 1.6000 again having fallen to support lines around 1.5960 but once more has found sellers around 1.6025.

Range-bound or what, and there’s little on the horizon to shake it up. We can only hope that today’s speeches from the BOE’s King and FOMC’s Fisher have something of substance/revelation to offer……….

And talking of wishful thinking it looks like Benitez is learning fast in keeping his tyrannical paymaster happy, by declaring that Chelsea will win the league… Stranger things have happened, but really???

Forex Update-The Economic Voice Limited

Forex Update-The Economic Voice Limited

And it’s farewell to Aussie cricket legend Ricky Ponting, who has declared (sic ) his intention to retire from international cricket after this week’s 3rd Test versus South Africa. It will be his 168th and record equalling Test and he remains the second highest run scorer in Test history with 13,366 runs at an average of 52.21, not to mention his status as the most successful Test skipper of all time with 48 wins.

While he may not have endeared himself to many of us Poms over the years there’s no doubt of his cricketing pedigree and the glorious game will be the poorer without him. Time now for the next Aussie legend to step up to the plate. But with back-to-back Ashes next year let’s hope he doesn’t appear just yet…………!

Interbank Rates at 08:45 BST

Currency Pair

Rates

EURUSD 1.2973
GBPUSD 1.6013
EURGBP 0.8100
GBPEUR 1.2340
GBPCHF 1.4857
GBPAUD 1.5295
EURCHF 1.2038
GBPHKD 12.4148
EURHKD 10.0606
GBPZAR 14.0492
USDJPY 82.11
GBPCZK 31.1892

Today’s Data: BST

10.30-UK – BOE Governor King speaks

11.00-UK – CBI Distributive Trades Survey

11.00-US – FOMC’s Fisher speaks

13.30-US – Weekly Jobless Claims / Q3 GDP

15.00-US – Pending Home Sales

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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