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Andy Harrison

Good Morning,

LMAX highs and Lows 06.00 GMT
Highs | Lows
EURUSD 1.10813 | 1.10704
USDJPY 108.584 | 108.365
GBPUSD 1.29269 | 1.29011
USDCHF 0.99087 | 0.9900
AUDUSD 0.68296 | 0.68109
USDCAD 1.32834 | 1.32637
NZDUSD 0.64353 | 0.64161
EURCHF 1.09749 | 1.09644
EURGBP 0.85828 | 0.85679
EURJPY 120.289 | 119.987
For Today
GBP: A quiet opening saw the market holding quietly through to the Tokyo session holding close to the opening highs but slipping slowly through into the Tokyo session to dip through to the 1.2900 areas before slowly rising through the session to the hold just above the 1.2910 level, Topside offers congested on any attempt to the 1.3000 level however, a break through the 1.3020 area will see stops appearing and the market pushing higher with some congestion through to the 1.3100 level the market could struggle without strong impetus and reasoning, downside bids light through to the 1.2900 level with only slightly stronger bids in the area with weak stops on a move back through the level however, congestion then starts to appear on any push through to the 1.2850 area with strong bids likely to hanging around the 1.2800 areas and congestion below.
JPY: Dipping from the opening around the 108.55 areas dropping through to the 108.40 areas bouncing as early Tokyo buyers took advantage to push lightly through to the Tokyo fix before strong sellers returned and the market tested to the lows just through the 108.40 areas before recovering to the 108.50 area for the move into the grey hours, Downside bids into the 108.20 area before stronger bids are likely to appear on any push at the 108.00 area, some weak stops through the 107.80 level and a likely test through to the 107.50 areas with stronger bids along a trend line likely to slow the descent with stronger congestion through into the 107.00 level. Topside offers again around the 109.00 level are likely to be weak however, a push through is likely to see stronger offers reappearing and continuing through to the 109.50 level with stronger offers into this month’s highs.
AUD: Steady through to the Tokyo session with light AUDJPY selling seeing the Oz dip through to the 0.6820 level before recovering to test to the 0.6830 level into early Tokyo and then drifting through to the 0.6810 area before holding in a quiet range just above the lows. Downside bids light through the 0.6770 level and opening the market to a limited move initially but renewing the downside potential through to the 0.6680-0.6700 level with weak stops likely on a dip through the 0.6670 level with congestive bids then likely to be patchy but centred around the sentimental 50/00 areas, Topside stronger offers likely through to the 0.6950 areas with limited resistance behind the 0.6960 level but increasing on any move towards the 70 cents level through to 0.7020 and stronger stops a possibility opening up further gains for the long term.
EUR: Steady through into the Tokyo session before the Euro dipped from the opening levels just short of the 1.1080 area and dipping through to just above the 1.1070 area before holding quietly through to the grey hours holding around the 1.1075 areas. Downside congestion continues in the current area with the congestion likely to extend through to the 1.1000 areas with weak stops mixed with congestive bids on any dip through the 1.0980 area, and congestion then continuing through to the 109.50 area where stronger bids are likely to start appearing for any move through to the 1.0900 areas, Topside offers weak through to the 1.1100 areas with limited stops on a move through the area however, stronger congestion starts to appear on any push through to the 1.1150 areas and continuing through to the 1.1180 level and stronger offers then appearing on any test towards the 1.1200 level however, while there could be option barriers in the area stops above the level could be an attractive target.

Overnight News
USD/CNY:
US Senate pass HK Human rights and democracy act
China reiterates threat to retaliate against US bill on HK
China urges US to stop interfering in HK affairs MOFA BBG
China urges US to take measures to stop HK Bill MOFA BBG
Asia stocks set to decline as Trump threatens higher tariffs if China doesn’t strike a deal CNBC
Foreign holdings of US Government debt fall by most since 2017 WSJ
Stalled US-China trade talks raise threat of another impasse DJ
Beijing Tariff demands may expand US-China phase one trade deal significantly – RTR

Harry Hindsight

GBP: Opening around the 1.2950 level the market traded quietly around that opening level deep into the Tokyo session before moving into the grey hours and slowly pushing through to the 1.2970 area before slipping steadily lower through to the 1.2930 area for the move into the NYK session on steady sellers, the move through into the NYK session saw the market ranging around the 1.2940 areas with a minor push beyond the opening level before again drifting down through the London close to test to the 1.2910 areas before rising through to the 1.2930 area for the close.
JPY: Dipping on the move into the Tokyo session quickly dipping through the 108.60 level testing lightly through the 108.50 area before slowly recovering to the opening level just below the 108.70 areas, holding around the 108.60 through into the grey hours and then climbing through to the highs of the day to test towards the 108.84 level before dipping quickly back to the 108.70 for the move into NYK and held for a few hours before again dipping steadily lower to push through to the 108.50 area and ranging tightly through to the close apart from a single stab higher.
AUD: Slow drift through into the Tokyo session and the release of the RBA minutes, overall dovish the market quickly reacted and dipped through to the 0.6790 level before starting a slow recovery through to the 0.6800 level for the move into the London session, London were steady buyers and the market rose steadily through to the 0.6820 level and struggled with the level deep into the NYK session before pushing through to the 0.6830 area and peaking just above the 0.6834 level a couple of times before holding tightly around the 0.6825 level to the close.
EUR: A slow drift from the opening and impacted by the movement of the Oz to test from the opening levels around the 1.1070 area to test into the low 1.1060’s before starting a slow steady recovery into the grey hours to hold just above the opening level, into the London session the market pushed through to the 1.1080 areas holding quietly until the London opening and a quick dip through to the lows again and a quiet few hours before starting a slow rise through to the opening levels and a quiet range between the 1.1083-73 area through to the close.

Yesterday’s Premiership results

AUD RBA Minutes of Nov. Policy Meeting (NOV)
USD Building Permits MoM (OCT) A 5.0% | C -0.8% | P -2.7%
USD Housing Starts MoM (OCT) A 3.8% | C 4.9% | P -9.4%

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