Daily FX Market Commentary

Andy Harrison

Happy New Year,

 

LMAX Close

USDJPY 103.309 | EURUSD 1.22169 | AUDUSD 0.76929 | NZDUSD 0.71929 | USDCAD 1.27342 | USDCHF 0.8849 | GBPUSD 1.36638 |

 

LMAX Highs and Lows 0500 GMT

Highs | Lows   

EURUSD               1.22586 | 1.22246

USDJPY                103.313 | 102.937

GBPUSD              1.36988 | 1.36422

USDCHF              0.88453 | 0.88300

AUDUSD              0.77204 | 0.76822

NZDUSD              0.72079 | 0.71813

USDCAD              1.27408 | 1.26954

EURCHF               1.08318 | 1.08148

EURGBP              0.89608 | 0.8945

EURJPY                126.523 | 126.123

 

For Today

 

  • GBP: Opening around the 1.3650 level the early lows for the start of the year were just above the 1.3640 level and a steady rise from there through into the Tokyo session pushing the 1.3685 area with a small setback into the Tokyo fix before starting the steady climb again through to the 1.3695 area and unable to break the 1.3700 area dipping back into the Grey hours testing back to the closing prices. Topside offers through the 1.3700 level likely to be sentimental with a mix of light option barriers, a push through opens up to stronger stops and the market running through to the 1.3750 before slowing again, with stronger offers building through to the 1.3800 level on any break towards that area, Downside bids light but congested around the 1.3600 level with the market likely to see stronger bids into the 1.3550 area and increasing through to the 1.3500 area.
  • JPY: Rising in early trading as GBPJPY moved lightly through the market to take the USDJPY to above the 103.30 area and into the Tokyo session, selling through the fix saw the market trading through to the 103.00 level and then holding in the area through to deep in the session before breaking through to the 102.95 area only to rally lightly through to the grey hours and push through to the 103.05 area. bids into the 103.00 level and likely continuing to the 102.80 before weak stops appear however, no real breakout interest until much lower and beyond the 100 level with the likelihood of bids around the sentimental 00 areas and likely weak stops muted. Topside offers light through to the 103.40 level with some light congestion from there with offers increasing into the 103.80 level and continuing through the 104.00 area with weak stops above the 104.20 levels.
  • AUD: Opening around the 77 cents level the market initially pushed through to the 0.7715 area before dropping back for the move into the Tokyo fix taking the market through to the 0.7685 area before starting a slow recovery through midsession to again push above the 77 cents levels, this time lightly pushing through the 0.7720 area but unable to do any damage and holding through to late in the session around the 0.7715 area again and then drifting back to the Friday close for the move into the grey hours, Topside stops on a firm break of the 0.7720 level and firmly pushing into the 2018 ranges but stronger levels around the 0.7750 area likely to cause the market to slow, a push towards the 0.7780 level is likely to see option barriers appearing for any attempt at the 78 cents area and then congestion then quickly appearing through any break higher, downside bids into the 76 cents level with weak stops on a dip through the 0.7580-70 area to open the downside to the stronger 75 cents area.
  • EUR: Opening a little higher around the 1.2235 area and then slowly pushing into the Tokyo session testing above the 1.2245 from the low just above 1.2230, the move through the Tokyo session saw the market running in a tight range with the Euro for the most part trading around the 1.2255 area before drifting into the grey hours holding around the 1.2245 level. Topside offers likely to continue on any move through the 1.2300 level with weak stops on a push through the 1.2320 areas with congestion likely to continue through to the 1.2340 level with a long term trend line in play, downside bids light through to the 1.2200 area with limited bids in the sentimental areas before opening up only on a dip through the 1.2150 area but unlikely today.

 

 

Overnight News

 

USD:

Senate rejected Trump Veto – RTRs

AUD:

Banks hunt for property trouble spots in big cities – AFR

Thousands told to self-isolate as new Sydney cluster emerges – AFR

Albanese isn’t the problem, it’s the policies – AFR

CNY/USD:

China Oil majors may face US Delisting after Telcos cut – BBG

NYSE Delist China Mobile, China Telecom, China Unicom – BBG

NYSE to delist Chinese Telco Giants on US executive order – BBG

 

Today’s Data     

NZD       Holday

CNY       Caixin Manufacturing PMI (DEC) A 53.0 | C 54.8 | P 54.9

0815      EUR       Spanish Manufacturing PMI A | C 52.8 | P 49.8

0830      CHF        Procure ch PMI (DEC) A | C 54.0 | P 55.2

0855      EUR       German Manufacturing PMI (DEC) A | C 58.6 | P 58.6

0900      EUR       Manufacturing PMI (DEC) A | C 55.5 | P 55.5

0930      GBP        Manufacturing PMI (DEC) A | C 57.3 | P 57.3

1000      USD       OPEC Meeting

1445      USD       Manufacturing PMI (DEC) A | P 56.5

1500      USD       FOMC Member Bostic Speaks

 

Best Regards

Andy

 

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LMAX Exchange Market Commentary   Andy Harrison  

Any opinions, news, research, analyses, prices or other information ("information") contained on this Blog, constitutes marketing communication and it has not been prepared in accordance with legal requirements designed to promote the independence of investment research. Further, the information contained within this Blog does not contain (and should not be construed as containing) investment advice or an investment recommendation, or an offer of, or solicitation for, a transaction in any financial instrument. LMAX Group has not verified the accuracy or basis-in-fact of any claim or statement made by any third parties as comments for every Blog entry.

LMAX Group will not accept liability for any loss or damage, including without limitation to, any loss of profit, which may arise directly or indirectly from use of or reliance on such information. No representation or warranty is given as to the accuracy or completeness of the above information. While the produced information was obtained from sources deemed to be reliable, LMAX Group does not provide any guarantees about the reliability of such sources. Consequently any person acting on it does so entirely at his or her own risk. It is not a place to slander, use unacceptable language or to promote LMAX Group or any other FX and CFD provider and any such postings, excessive or unjust comments and attacks will not be allowed and will be removed from the site immediately.