Mike Paterson’s daily Forex brief

More of the same in the past 24 hours as we've seen the market continue to sell Euros and buy Swiss Francs believing, correctly it would seem, that there is little more the Swiss authorities can do to weaken their currency.

We've seen EURCHF and GBPCHF fall another 300 points and EURUSD and EURGBP are also lower as negative/risk-averse sentiment returns once more to this scrappy market.

Gold looks steady again but stock markets have been sold a little from their recent highs and to me still look vulnerable for another decent fall.

But all these moves are within recent ranges as traders across the board try and second-guess which currency has their day in the spotlight. Bigger moves are surely due before the month is out …….

Today we have the key employment data from the US which invariably has impact and we should expect something to happen around 13.30 but it's coin flip time again for the moment.

Have a good weekend all.

Today's Data:

Weekly Economic CalendarHERE

Interbank Rates as of 08.28 BST

Current Price

Overnight

High

Low

EUR/USD

1.4226

1.4288

1.4208

GBP/USD

1.6195

1.6207

1.6172

EUR/GBP

0.8783

0.8823

0.8777

GBP/EUR

1.1383

1.1394

1.1332

GBP/CHF

1.2719

1.2887

1.2658

GBP/AUD

1.5145

1.5163

1.5072

EUR/CHF

1.1178

1.1355

1.1118

GBP/HKD

12.5560

12.5660

12.5390

GBP/ZAR

11.3188

11.4015

11.2974

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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