FX markets are absolutely comatose at the moment and we are trading and re-trading over the same ranges. The pound is pretty much where it has been for the last three days (around $1.9900) with resistance at around $1.9940 to $1.9950 and support at $1.9835 to $1.9850.
Sterling Yen trade is also struggling to get above 212.35 and 213.75 but is also finding good buying at anywhere below 210.50. The current price of 211.75-211.83 is pretty much mid range and does not give much help to either the bulls or bears.
Forex Spread Betting, 31 Jan 08
Looking at the FX markets the pound did its best to get back above the $1.9915-$1.9930 resistance mentioned yesterday. It even achieved a short term break but by the close we were back below the level and this morning the sellers are taking us down into the mid $1.98’s. Sterling holders must be beginning to worry that even an unexpected 1.25% widening in the Pound/Dollar rate difference has only had a very minimal impact. If we start to see a bearish move develop then we could fall swiftly back to the $1.94 / $1.95 region of a week or so ago.
Versus the Yen Sterling seems to be unable to make gains above 214.00 and we have now failed around this price several times in the past four or five sessions. Sellers will be hoping for further weakness down to the 205 level but in truth, at the moment, the momentum appears pretty sideways.
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Forex Spread Betting, 30 Jan 08
The pound / dollar cross continues to grind its way towards $2 this morning but the effort is beginning to look quite tough. There is some solid volume and technical resistance between $1.9915 and $1.9930 which might take some getting over but if this is achieved dealers will then be looking for a swift shift towards the two buck mark once more. On the downside if the markets fail at this level then there could well be a sharp displacement back into the $1.9500 to $1.9750 area which defined the range for most Spread Betting Companies for much of January. The current GBP / USD spread of $1.9907-$1.9910 gives both the short term bulls and bears hope for this morning.
The Yen is also having another go at the Dollar as the cross struggles to get above 107.25 and below 106.00. The momentum is still dollar unfriendly and the recent sideways direction may be an example of the market pausing for breathe before continuing its move down. At with the Dollar / Yen spread at 106.65-106.67 this morning we are seeing very little action from punters who seem happy with the positions they have.
Forex Spread Betting, 29 Jan 08
FX markets are pretty moribund this morning with the Pound / Dollar cross consolidating above $1.9800 before a possible attempt to regain the $2 mark once more. The trends are still not very Sterling friendly but the bears appear to have run out of breathe for the time being and this is giving the bulls a bit of a run.
The EUR/GBP cross remains stubbornly close to 0.7500 which will be giving our exporters a bit of a boost whilst at the same time constraining personal expenditure to some extent. If we can remain around here for some little time it will give hope that any inflationary pressures will be of the ‘one off’ variety.
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Forex Spread Betting, 28 Jan 08
The FX markets have been very busy overnight with the Pound tracing a huge 300 pip range already against the Yen as the currency traders get in an early start. But now aside from some Yen strength and Sterling weakness there is little change on Friday’s closing levels as dealers have second thoughts on direction.
The USD / JPY market does not look happy above 107.25 but on the other end is struggling to hold below 106.00. This is making for some solid trading opportunities in recent days as punters play the ranges.
Forex Spread Betting, 24 Jan 08
Forex Markets are almost unchanged this morning with the Pound just a little weaker across the board and the Yen the Strongest of the majors. We have been oscillating around the current levels for a few days now as the interest has shifted to the equity markets. The drop in US rates has yet to make much of an impact. That gives an indication that FX markets expect at least another move from the other Central Banks.
Forex Spread Betting, 23 Jan 08
Unsurprisingly, after the US rate cut, the dollar took a bit of a pounding yesterday (no pun intended). However it is fairing better this morning and there is increasing belief that the demise of the dollar could be over with a "double top" looking to have formed in the Euro / Dollar market.
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Forex Spread Betting, 22 Jan 08
Forex Markets are again being nasty to the pound as we now drift ever lower on the trade weighted index. The GBP / USD Spread is now at $1.9351-$1.9354 after the support mentioned yesterday at 1.9475 failed to hold. Bears will be looking for the move down into the 1.9100’s indicated by the supports failure. One of the problems for the major currencies is where is the value. In times past tough market made for a flight to the Dollar and Swiss Franc. Whilst this is still the knee-jerk reaction the Greenback has it own problems right now.
Forex Spread Betting, 21 Jan 08
FX markets are moving in the Yen’s and, to a lesser degree, the Dollar’s favour this morning with the Euro giving back more of it’s recent gains. The Pound is just giving up. The USD / GBP rate is now back down at the 1.9500 region with the current spread at $1.9507-$1.9510 off some 50 pips overnight. The weakness of Sterling has been accelerating since the middle of December as the reasons for holding the currency have slowly drained away. However the $1.9475 to $1.9500 support has held over the last few weeks. Today sees another attack and if we close below 1.9475 bears will be looking at the 2007 lows of $1.9184 as the next target.
The Yen has now reached its highs versus the dollar for two years and is quite close to the long term trend support at around 102.00. The Yen / Dollar cross has not been below 101.00 for over 10 years and if we approach this level we can expect a monumental battle.
'UK Forex Spread Trading' by DB, updated 01-Feb-08
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