Andy Harrison
Good Morning,
LMAX Close
USDJPY 109.637 | EURUSD 1.21796 | AUDUSD 0.77315 | NZDUSD 0.71809 | USDCAD 1.2111 | USDCHF 0.89585 | GBPUSD 1.41142 |
LMAX Highs and Lows 0500 GMT
Highs | Lows
EURUSD 1.21812 | 1.21645
USDJPY 109.679 | 109.518
GBPUSD 1.41243 | 1.4107
USDCHF 0.89641 | 0.89579
AUDUSD 0.77367 | 0.77221
NZDUSD 0.71831 | 0.71657
USDCAD 1.21238 | 1.21101
EURCHF 1.09133 | 1.08994
EURGBP 0.86315 | 0.86194
EURJPY 133.551 | 133.281
For Today
- GBP: Opening around the 1.4115 level and unable to break the 1.4110 throughout the Asian session, moving through into the Tokyo session saw the market testing the 1.4125 level for the high of the day before returning to the opening level for the move into the grey hour, Topside offers light through the 1.4250 area with some congestion increasing on any move to the 1.4300 and stronger offers in the area, a break above the 1.4310 area will likely see weak stops and breakout stops coinciding and the topside open to a quick squeeze through the 1.4350 level and an attempt on the possibly weak 1.4400 area and stronger stops again through the level. Downside bids likely to increase on a move through to the 1.4100 with a couple of weeks of congestion building up in the area with weak stops on a break through the 1.4090-80 area and opening to the 1.4000 level with very little support other than limited sentimental bids, however, the move through will then start to see stronger bids into the 1.3950-1.3900 area limiting any further loses.
- JPY: Early highs pushing into the Tokyo session to test the 109.68 area before sagging through the next couple hours to hold around the 109.55 level with light attempts towards the 109.50 area for the lows, Downside light through the 109.20-00 with increasing bids into the 108.50 this opens the market to a new test of the 108.00 level, stronger bids into the 107.80 however, a break through the level is likely to see weak stops and breakout stops appearing and the market free to quickly test 107.50 and an old trendline then nothing until closer to the 107.00 area where stronger bids start to appear but the downside opening to Feb levels, topside offers through to the 110.00 level with light congestion through the figure level and weak stops possibly limited and stronger offers likely increasing on a move higher towards the 111.00.
- AUD: Quiet through to the Tokyo session holding around the 0.7730 area and then dipping for a light probe towards the 0.7720 area before bouncing and steadily pushing through to just above the 0.7735 level for the grey hour, topside offers into the 0.7800 area with weak stops through the 0.7820 before opening for a new run higher and strong offers likely through the 0.7840-60 area to build for the 79-cent level. Downside bids into the 0.7700 level with weak stops on a move through the 0.7680 area however, stronger bids then start to show through into the 0.7650 and ultimately the 0.7600 area and likely to continue in that fashion through to the 0.7550 area.
- EUR: Early highs just above the 1.2180 level were repeated on the move into the Tokyo session before drifting through to the 1.2165 area as EU/UK talks see EU talking of Tariffs against the UK, don’t think that will go well for all parties, Topside offers congested through to the 1.2220 area before weak stops appear and the market opens for a renewed push to the 1.2300 level with weak stops limited through the 1.2320 area and long term trend line around the 1.2345 area likely to see strong offers before weak stops opening the topside to further gains through the 1.2400 level. Downside bids into the 1.2140-60 level likely to be light and then increasing through the 1.2120 level to 1.2080 before weak stops appear and open up a deeper move through to the 1.2000 level with very little congestion until that point.
Overnight News
USD:
US to buy 500m doses for world as curbs ease in Europe – AFP
EUR/GBP:
EU threatens UK with Tariffs as Northern Ireland spat escalates – BBG
EUR:
Peugeot to be prosecuted in France over dieselgate after VW 350m settlement – AFP
Today’s Data
GBP RICS House Price Balance (MAY) A 83% | C 77% | P 75% | R 76%
Tentative CNY New Loans A | P 1,470.0b
1200 USD OPEC Monthly Report
1245 EUR Deposit Facility Rate (JUN) A | C -0.50% | P -0.50%
1245 EUR ECB Marginal Lending Facility A | P 0.25%
1245 EUR ECB Interest Rate Decision (JUN) A | C 0.0% | P 0.0%
1305 GBP BoE MPC Member Haldane Speaks
1330 USD Core CPI YoY (MAY) A | C 3.4% | P 3.0%
1330 USD Core CPI MoM (MAY) A | C 0.4% | P 0.9%
1330 USD CPI MoM (MAY) A | C 0.4% | P 0.8%
1330 USD Initial Jobless Claims A | C 370k | P 385k
1330 EUR ECB Press Conference
1700 USD WASDE Report
1800 EUR ECB’s Lane Speaks#
1900 USD Fed Budget Balance (MAY) A | P -226.0b
2330 NZD Business NZ PMI (MAY) A | P 58.4
2345 NZD Electronic Card Retail Sales MoM (MAY) A | P 4.0%
Harry Hindsight
- GBP: A steady move higher from the opening around the 1.4150 level to test towards the 1.4170 level before dipping back for the move into the grey hour, a quick buyer took the market through the 1.4180, the move into the London session saw the market testing the 1.4190 level before drifting a little through to the NYK opening where strong sellers saw the market dropping quickly back with EU/UK discussions over Northern Ireland again turning nasty with the EU threatening further action not only against the UK but Eire itself being isolated, dropping back through the opening 1.4150 level in the first hour the market bounced once before running through to the 1.4115 area and a quiet and tight range to test the 1.4110 level holding to the close.
- JPY: A quiet range for the USDJPY initially with the Asian session opening around the 109.50 level and then testing the 109.40 level and remaining that way through to the grey hour, a quick dip to the 109.33 level saw the market bounce back and hold through to the NYK session in the 109.40-50 area again before dropping quickly through to make the low before bouncing and smartly moving through the opening levels trigger some weak stops on its way to the 109.65 level to hold close to the highs to the close.
- AUD: Slow ranging through the Asian session basing around the 0.7735 area and ranging around the 0.7740 level through to the grey hour, early buying through to the 0.7750 level and a quiet range through to the NYK session around the 0.7745/50 area with a quick move to above the 0.7760 area into the NYK opening and then USD buying moved through testing quickly through the opening levels and testing the 0.7725 area to range quietly through to the close.
- EUR: A quiet opening through into the Tokyo session holding around the 1.2170 area and then a steady rally through to midsession in Tokyo to test the 1.2185 level, the move into the grey hour saw the market starting to rally again and a steady move through to the NYK opening quickly testing towards the 1.2220 area before collapsing back again through to hold just above the 1.2175 area for the run to the close.
Premier Results
AUD RBA Assist Gov. Kent Speaks
AUD Westpac consumer sentiment A -5.2% | P -4.8%
CNY CPI MoM (MAY) A -0.2% | C -0.1% | P -0.3%
CNY CPI YoY (MAY) A 1.3% | C 1.6% | P 0.9%
CNY PPI YoY (MAY) A 9.0% | C 8.5% | P 6.8%
EUR German Trade Balance (APR) A 15.9b | C 16.3b | P 14.3b | R 14.0b
CAD BoC Interest Rate Decision A 0.25% | C 0.25% | P 0.25%
USD Crude Oil Inventories A -5.241m | C -2.036m | P -5.080m
CAD BoC Press Conference
Best Regards
Andy
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