1.0
MSP Update
1.1
Morning Overview (daily)
Tuesday November 2nd 2010
Good Morning,
A surprise interest rate hike by the RBA has set the cat amongst the pigeons in Asia and driven AUDUSD back above parity which in turn has taken GBPAUD down to 1.6040
With one eye on tomorrow's US Fed meeting traders were forced onto the back foot as the RBA raised Aussie rates by 0.25% citing strong growth to continue for some time.
This dragged both EURUSD and GBPUSD higher and we are currently just off the overnight highs again after an early sell-off when Europe opened up.Bids now appear set in at 1.3915 and 1.6025 respectively.
EURGBP had another move lower yesterday, albeit slowly, but there is talk of good size support around 0.8650 ( GBPEUR resistance 1.1560 ) and it has held there twice now
EURCHF is still well supported although down from its lows after JP Morgan put out a sell recco but GBPCHF is holding above 1.5825 and GBPZAR is holding up above 11.1500.
Not much in the way of data today but we do have the US mid-term elections to factor in and it's looking ugly for President Obama in both Houses judging by the polls.
Traders will remain cautious of getting over extended ahead of tomorrow's FOMC meeting only adding to the whipsaw moves.
Let the fun n games continue.........
MSP 02/11/10
Today's Data: GMT
08.55-EU- German Manufacturing PMI
09.00-EU- Eurozone Manufacturing PMI
09.30-UK- Construction PMI
US Mid-Term Elections
21.00-US- ABC/Washington Post Consumer Confidence Survey
Mike
MSP Foreign Exchange Services
Office: + 44 ( 0 ) 1732 700383
Mob: + 44 ( 0 ) 7887 581696
Email: mspfx@tiscali.co.uk
This email and any files transmitted with it are confidential and intended solely for the use of the individual or entity to whom they are addressed. Opinions expressed in the email are those of the individual and not necessarily the company. If you are not the intended recipient or the person responsible for delivering to the intended recipient, be advised that you have received this email in error and that any use is strictly prohibited. If you have received this email in error, or if you are concerned with its content, please notify the writer, and delete it.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
© MSP 2010
2.0
Current Interbank Rates
2.1
Current Interbank rates at 8:58:4 AM (G
(GMT)
|
Pair |
Current |
Overnight |
|
High |
Low |
|
EUR/USD |
1.3950 |
1.3957 |
1.3889 |
|
GBP/USD |
1.6065 |
1.6077 |
1.6025 |
|
EUR/GBP |
0.8680 |
0.8691 |
0.8652 |
|
GBP/EUR |
1.1507 |
1.1558 |
1.1506 |
|
GBP/CHF |
1.5876 |
1.5942 |
1.5856 |
|
GBP/AUD |
1.6045 |
1.6278 |
1.6278 |
|
GBP/CAD |
1.6236 |
1.6313 |
1.6212 |
|
EUR/CHF |
1.3783 |
1.3823 |
1.3774 |
|
GBP/HKD |
12.4552 |
12.4645 |
12.4242 |
|
GBP/ZAR |
11.1750 |
11.2340 |
11.1529 |
Figure 1
3.0
About MSP
3.1
About MSP
MSP
Update services by Mike Paterson aim to protect clients from currency risk whilst maximising exchange rate opportunity.
See other services offered by MSP Foriegn Exchange Services
click here
3.2
Mike
Paterson's Background
Mike
spent over 18 years in the Interbank market mostly as a senior
trader with UBS and Credit Suisse, with 3 years in between as head
of the FX team at State Bank of Victoria in London.
With personal daily
trading volumes in excess of $ 1 billion Mike established himself as
a trader of note combining professional integrity with a cynical
grasp of seizing market opportunity.
Since leaving the City
Mike has been working as an independent
consultant and now provides a bespoke advisory and execution
platform for physical FX delivery to the Corporate and Private
Sectors, as well as those wishing to better manage their currency
trading.
Mike also presents
workshops and seminars at all levels
throughout the UK and has written for a number of publications.
Other credits include numerous appearances on the Bloomberg
Financial TV and Radio stations.
After 28
years involved in the industry Mike’s
knowledge and Interbank contacts enable him to access the keenest
market intelligence and convert that information into best advice
for his clients.
3.2
Contact Mike Paterson
You can
contact Mike on the any of the
following contact details
-
Email:
mspfx@tiscali.co.uk
-
Phone: +44 1732
700-383
- Mobile:
+44 7887 581-696
-
Skype: MikePaterson1
|