Andy Harrison
Good morning,
LMAX Close
USDJPY 111.16 | EURUSD 1.07978 | AUDUSD 0.76772 | NZDUSD 0.70713 | USDCAD 1.33288 | USDCHF 0.9914 | GBPUSD 1.24838 |
LMAX Highs and Lows 6am GMT
                               High | Low
EURUSDÂ Â Â Â Â Â Â Â Â Â Â Â Â Â 1.07962 | 1.07818
USDJPYÂ Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 111.581 | 111.221
GBPUSDÂ Â Â Â Â Â Â Â Â Â Â Â Â Â 1.24927 | 1.24683
USDCHFÂ Â Â Â Â Â Â Â Â Â Â Â Â Â 0.99292 | 0.99159
AUDUSDÂ Â Â Â Â Â Â Â Â Â Â Â Â 0.76755 | 0.76523
USDCADÂ Â Â Â Â Â Â Â Â Â Â Â Â Â 1.33385 | 1.33153
NZDUSDÂ Â Â Â Â Â Â Â Â Â Â Â Â Â 0.70506 | 0.70254
EURCHFÂ Â Â Â Â Â Â Â Â Â Â Â Â Â Â 1.07101 | 1.0704
EURGBPÂ Â Â Â Â Â Â Â Â Â Â Â Â Â 0.86558 | 0.86365
EURJPYÂ Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 120.311 | 120.047
For Today
- EUR: Limited range for the day with the opening around the 1.0795 levels setting the high for the day and the market slipping to the low 1.0780 areas before recovering on the move towards the grey hours, Offers building to the topside with the market seeing reasonable offers likely through the 1.0820 areas still with weak stops on a break through the 1.0830 levels with stronger offers likely into the 1.0850-60 areas and congestion then limited through the 1.0900 level, a push through the 1.0920 areas is likely to see stronger stops appearing and the market looking at the 1.1000 as the near term target. Downside bids likely to see bids into the 1.0750 areas light with the better bids likely into the 1.0710-1.0690 areas with weak stops on a push down through the 1.0680 areas with minor congestion on any moves below that level.
- GBP: As with the Euro with the market drifting down to base along the 1.2470 levels for the move through into Tokyo before rallying back to hold just below the 1.2490 levels into the grey hours. Offers into the 1.2500-20 areas with weak stops likely to be absorbed by congestive offers through to the stronger offers around the 1.2550 areas likely to cause problems before opening the market for weaker offers into the 1.2600 areas. Downside bids light into the 1.2450 areas with the market likely to see bids spread through to the 1.2400 areas possibly nothing large but plenty of them weak stops on a push through and the market opening quickly to a weak bids into the 1.2350 level and possibly nothing to stop a slide to the 1.2300 areas and the stronger bids.
- JPY: A little better range wise but still limited with the market opening just below the 111.20 level and pushing slowly higher through to early Tokyo testing above the 111.55 areas before slowly slipping back to the 111.30 areas and a quiet move to the grey hours, Topside offers into the 111.80 level and likely to see stronger offers building around the 112.00 areas before weak stops appear and the market likely to quickly move into the 112.50 and congestive offers from then into the 114.00 levels and possibly too much on a light news day. Downside bids through the 111.00 levels are likely to be light with some reasonable bids likely on any test towards the 110.50 areas and stops on a move through the level and exposing a stronger sentimental level around the 110.00.
- AUD: Opening with an offered tone the market slipped steadily lower through to test towards the 0.7650 areas and then basing along that level in limited trading, and only just off those lows into the grey hours with disappointing volumes through the day. Still range bound with the market struggling to push in any meaningful direction, Topside offers through the 77 cent level and likely to continue through to the 0.7750 areas before opening up to challenge the 78 cent levels and one suspects more range bound trading, downside bids into the 0.7640 areas with light stops on a move through and then further stronger bids appearing into the 76 cent levels and congestion through the level likely to absorb stops if they appear.
Overnight News
JPY:
Suga Reiterates Japan PM Abe Didn’t Donate to School Operator
Scandal-Hit Japan School Head Tells Lawmakers Abe Donated 1m Yen
USD:
Trump’s Associates May Have Coordinated With Russians: CNN
CNY:
China’s Li Warns Against Protectionism in Australia Speech
China Said to Order IPO Cornerstones to Bring Funds Home: Rtrs
PBOC to Focus on Home Mortgage Ratio in Bank Evals: Sec. Journal
China-Led AIIB Gets 13 New Members Taking Total Membership to 70
PBoC Is Main Factor in China’s Rising Interbank Rates, S&P Says
NZD:
New Zealand Maintains Benchmark Interest Rate at 1.75%
EUR:
German February Tax Revenue Rises 8.3% Y/Y: Finance Ministry
GBP:
U.K. Consumer Confidence Dips Slightly as Brexit Talks Loom
SGD:
Singapore February Consumer Prices +0.7% Y/y; Est. +0.7%
Today’s data
Actual = A | Consensus = C | Previous = P | Revised = R All timings GMT
07:00Â Â Â Â EURÂ Â Â Â Â Â Â German GfK Consumer Confidence Apr C 10 | P 10
09:00Â Â Â Â EURÂ Â Â Â Â Â Â ECB Economic Bulletin
09:30Â Â Â Â GBPÂ Â Â Â Â Â Retail Sales M/M Feb C 0.40% | P -0.30%
11:00Â Â Â Â GBPÂ Â Â Â Â Â CBI Retailing Reported Sales Mar C 4 | P 9
12:30Â Â Â Â USDÂ Â Â Â Â Â Initial Jobless Claims (MAR 18) C 240K | P 241K
14:00Â Â Â Â USDÂ Â Â Â Â Â New Home Sales Feb C 566K | P 555K
14:30Â Â Â Â USDÂ Â Â Â Â Â Natural Gas Storage P -53B
15:00Â Â Â Â EURÂ Â Â Â Â Â Â Eurozone Consumer Confidence Mar (A) C -5.8 | P -6.2
Harry Hindsight
- EUR: The market struggled through the day with the market opening around the 1.0810 levels and unable to convincingly push through the 1.0820 areas, the move through into the Tokyo session saw the market falling back from the early highs tot trade steadily to the 1.0790 areas and running for several hours around the level, the move towards the grey hours saw the market again pushing through the 1.0800 level, the move into the grey hours saw a quick stab higher and again failing the 1.0820 areas before testing back to the figure, the opening in London saw the market drop quickly back and testing lightly through the 1.0780 area before stabilizing and running steadily higher through the day into the NYK session with the early trading sending the market slowly through the 1.0820 level and while it held the level for a short period the market dropped quickly back and ranged through the rest of the session slowly drifting to just below the 1.0800 level.
- GBP: A quiet range through the Asian session holding for the most part around the 1.2480 levels before slipping a little through to the 1.2465 areas and a slow rise through to the grey hours and a quick test higher as early buyers tested the 1.2500 levels, the spike failed and the market drifted through the session, the big news for Cable was the death of 5 in a terrorist attack near the Houses of Parliament, the market moved off the lows just below the 1.2430 levels and saw a steady rise through the day as the USD weakened through the NYK session with the market pushing back slowly through to the 1.2490 areas and held in a tight range once there between the 1.2480-90 levels to the close.
- JPY: Slipping back to the 11.50 levels from the opening around the 111.70 the market struggled through the Asian session with the market holding generally in that range before moving into the grey hours and finally pushing down through into the mid 111.30 levels with early London buying to take the market back into the Asian range, the official opening saw the market drop back again this time to the 111.20 areas and holding the level through to the NYK session, the market dipped further with the market pushing through to the 110.80 areas and then basing along that areas through to late in the session with limited profit taking moving back in for the close back above the 111.00 level.
- AUD: Caught in a range for a change the Oz drifted from the opening around the 0.7690 area to slowly test to the 0.7650 areas after the release of weaker than previous Leading index, the market recovered a little through into the London opening with 0.7675 tested, the opening saw the market drop quickly back to the 0.7640 levels and then a slow climb through the day to push again to the 0.7675 areas and the move into the NYK session ranging between the 0.7660-85 levels to the close.
Yesterday’s premiership results
AUDÂ Â Â Â Â Â Westpac Leading Index M/M Feb A -0.10% | P 0.00%
JPYÂ Â Â Â Â Â Â Â BOJ Minutes (Jan 30-31)
JPYÂ Â Â Â Â Â Â Â Trade Balance (JPY) Feb A 0.68T | C 0.55T | P 0.16T | R 0.20T
JPYÂ Â Â Â Â Â Â Â All Industry Activity Index M/M Jan A 0.10% | C 0.00% | P -0.30% | R -0.20%
EURÂ Â Â Â Â Â Â Eurozone Current Account (EUR) Jan A 24.1B | C 29.3B | P 31.0B | R 30.8B
USDÂ Â Â Â Â Â House Price Index M/M Jan A 0.00% | C 0.40% | P 0.40%
USDÂ Â Â Â Â Â Existing Home Sales Feb A 5.48M | C 5.59M | P 5.69M
USDÂ Â Â Â Â Â Â Crude Oil Inventories A 5.0M | C 1.9M | P -0.2M
NZDÂ Â Â Â Â Â RBNZ Rate Decision A 1.75% | C 1.75% | P 1.75%
Good Luck,
Andy
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