Mike Paterson?s Daily Forex Brief
From finishing last week on a perky note following the US key jobs data offering no real surprises it appears that the markets are running a little scared again as we go into a week of Eurozone meetings starting today with the Finance Ministers in Luxembourg.
EURUSD opened up in Asia around 1.3025, rising to 1.3043 but we?ve since fallen to 1.2963 while GBPUSD has also failed to sustain recent gains and from overnight highs of 1.6145 it too has fallen to 1.6070 so far.
Which all means that it?s still a mixed bag for the Pound with EURGBP holding up around 0.8070 (GBPEUR lower at 1.2392) with GBPCHF and GBPJPY falling in line with those currencies taking a firmer risk-off tone as usual.
GBPCHF has been down to 1.4991 while GBPJPY has fallen significantly from 127.08 to 125.74, while the Pound has continued to gain against the faster-weakening Aussie and Rand with GBPAUD trying to breach 1.5900 and GBPZAR now camped above 14.00, as the Rand approaches near 4 year lows amidst continuing concerns over the spreading of the illegal mining strikes.
Forex Update-The Economic Voice Limited
Buyers are lined up on EURUSD at 1.2950, on GBPUSD at 1.6060 and EURGBP at 0.8050 but, with the US off on Columbus Day hols and the lack of any real data out today, it?s going to be the newswires and noises from the Eurozone that will have the biggest sway as we enter into what could well be an important week of developments there.
In the world of sport the West Indies collected the World T20 trophy proving they?re not a one-man team as the host nation Sri Lanka once again choked in a final, but sadly England?s women came unstuck in their final against Australia. And the less said about the Shrimpers just managing to scramble a point against the bottom club the better!
Have a good week.
Interbank Rates at 08:40 BST
| Currency Pair | Current | Overnight | |
| High | Low | ||
| EUR/USD | 1.2972 | 1.3043 | 1.2963 |
| GBP/USD | 1.6079 | 1.6145 | 1.6070 |
| EUR/GBP | 0.8066 | 0.8081 | 0.8058 |
| GBP/EUR | 1.2393 | 1.2409 | 1.2373 |
| GBP/CHF | 1.5011 | 1.5044 | 1.4991 |
| GBP/AUD | 1.5817 | 1.5895 | 1.5810 |
| EUR/CHF | 1.2110 | 1.2127 | 1.2106 |
| GBP/HKD | 12.4660 | 12.5172 | 12.4590 |
| EUR/HKD | 10.0589 | 10.1165 | 10.0403 |
| GBP/ZAR | 14.1255 | 14.2480 | 14.0908 |
| USD/JPY | 78.30 | 78.77 | 78.24 |
| GBP/CZK | 30.8963 | 30.9331 | 30.7478 |
Today?s Data: BST
10.00-EU ? Eurozone Sentix Investor Confidence
11.00-EU ? German Industrial Production
US HOLIDAY ? COLUMBUS DAY
00.01-UK ? BRC Retail Sales Monitor / RICS House Price 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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Source: http://www.economicvoice.com/risk-off-again-as-eu-finance-ministers-meet-today/50032870
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