Friday is beer pips day!
I miss the days of rolling out of work on a Friday afternoon and hitting the City’s pubs and clubs (and on occasion maybe not getting home until Sunday morning). The days of being young, free and single eh? (hope the wife doesn’t read this one)
I missed the cable run to 1.30. I thought the pound would stay bid but not put on that extra burst so I missed out on my normal big figure scalp trade. A second run up there would be a different story but the way we’ve moved so far away from it suggests yesterday’s buying interest isn’t as strong. 1.2925/30 is where bids are sitting as per our ForexFlow interbank order board this morning. Offers have no built up above. Technically, 1.2900 is the key level down here.
USDJPY looks like it’s in one of its grinding phases. Risk is helping with the US/China tariff rumours late yesterday. I’m a potential seller into 110.00 but will judge any move there on its merits.
EURUSD is stuck in a rut 1.1370-1.1410/20, and looks in no rush to go anywhere. It’s not even being dragged by EURJPY or EURGBP. We’ve had around a 50 pip range for the last two days, which is very tight but even so, I can’t see any cause why it would kick on much even if it breaks the 1.1370/1.1410/20 range. I’ll stick to the edges here and 1.12 & 1.13 down, 1.15 up.
I’ve still got an eye on the kiwi for a long into 0.6700/10 but that looks far away right now.
So, pretty much I’m looking at trading at the big figures. That’s a sign of how the market looks to me right now, in that I don’t see much opportunity, or value trading in the middle unless there’s something blatantly clear.
give us your thoughts for today in the comments below, and feel free to throw any other trading questions you have at us.
I hope you’ve had a good week so far, and if you have, make sure you don’t give any of it back today chasing for a few extra pips today.