Andy Harrison
Good Morning,
LMAX Close
USDJPY 102.715 | EURUSD 1.22985 | AUDUSD 0.77613 | NZDUSD 0.72544 | USDCAD 1.26701 | USDCHF 0.87831 | GBPUSD 1.36279 |
LMAX Highs and Lows 0500 GMT
Highs | Lows
EURUSD 1.23287 | 1.2276
USDJPY 102.871 | 102.594
GBPUSD 1.36471 | 1.35919
USDCHF 0.87984 | 0.87701
AUDUSD 0.77791 | 0.7734
NZDUSD 0.72722 | 0.72356
USDCAD 1.26950 | 1.26631
EURCHF 1.08072 | 1.07988
EURGBP 0.90351 | 0.9018
EURJPY 126.481 | 126.156
For Today
- GBP: The move through into the Tokyo session saw an early push through to the 1.3650 level before quickly dropping back and basing around the 1.3600 level for much of the session, a minor dip through to the 1.3590 area saw the market heading into the grey hours recovering a little to the 1.3620 area, strong offers start appearing the closer the market moves to the 1.3700 area, with barely a stop loss to be seen through to those levels, a break through the 1.3715-25 area will likely gain quickly to the 1.3750 areas before starting to grind for the 1.3800 level. Downside bids light through to the 1.3550 area again with bids in the area and likely to increase through to the 1.3500 area with weak stops likely immediately behind the level and opening a deeper move.
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- JPY: A dip through to the 102.60 level again in early Tokyo saw the market steadily recover through to the 102.90 level with a minor push towards the 103.00 area before raging around the 102.80 area to the grey hours, bids through the 102.50 area likely to be substantial and continue appearing around the sentimental 00-20 and 80-00. 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 0.7760 area the Oz moved through to the 0.7770 level on the transition into the Tokyo session and drifting after the first hour through to the 0.7735 level for the low and recovering steadily to the 0.7750area and triggering a round of buying through to the 0.7780 area before again grinding to a halt and holding around the 0.7770 area through to the grey hours, towards the 0.7780 level is likely to see option barriers appearing for any attempt at the 78 cents area and then congestion quickly appearing through any break higher with weak stops likely above the 0.7820 area and limited offers into the 0.7840-60 area, 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: A quiet start through into the Tokyo session before a quick stab higher through to the 1.2325 level and just a quickly returning to the 1.2295 opening areas as the market absorbed the single ticket order, the failure to the topside surprised and caught the market long at the top and the follow through saw the market selling through to the 1.2280 areas before finding sufficient interest to curb the markets interest and a quiet midsession around the 1.2280-90 level, rising again through the 1.2300 level for the move into the grey hours, Topside offers through to the 1.2340-60 area with a little weakness above however, the market is likely to find increasing offers through the 1.2400 area with weak stops likely above the 1.2420 levels with heavy offers, 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:
GOP Voters in Georgia back Trumps false claims – APW
Pence tells Trump he lacks power to change election result – NYT
Pennsylvania GOP refuses to seat democratic lawmaker in state legislature – NYT
GBP:
UK New Car sales plunged 29% last year to lowest since 1992 – BBG
AUD:
Australian workers seek AUD36.8b in early pension payments – BBG
CNY:
Analysts expect Yuan appreciation to slow, China Sec Journal – BBG
USD/CNY:
NYSE Weighs reverting to original plan to delist China shares – BBG
US Pres. Trump on Tuesday signed an executive order banning transactions with 8 Chinese software applications including ANT groups Alipay – Refinitiv
SAR:
Saudis take charge of Oil Market with surprise production cut – BBG
EUR/CNY:
Phillips said to shortlist Asian suitors for $4b appliance Unit – BBG
LME:
Iron Ore drops as vessel tracking shows booming Australian flows – BBG
Today’s Data
JPY Services PMI (DEC) A 47.7 | C 47.2 | P 47.8
CNY Caixin Services PMI (DEC) A 56.3 | P 57.8
0815 EUR Spanish Services PMI (DEC) A | C 45.0 | P 39.5
0855 EUR German Services PMI (DEC) A | C 47.5 | P 47.7
0900 EUR Markit Composite PMI (DEC) A | C 49.8 | P 49.8
0900 EUR Services PMI (DEC) A | C 47.3 | P 47.3
0930 GBP Composite PMI (DEC) A | C 50.7 | P 49.0
0930 GBP Services PMI (DEC) A | C 49.9 | P 47.6
1300 EUR German CPI MoM (DEC) A | C 0.6% | P -0.8%
1315 USD ADP Nonfarm Employment Change (DEC) A | C 88k | P 307k
1400 USD BoE Gov. Bailey Speaks
1445 USD Markit Composite PMI (DEC) A | P 55.7
1445 USD Services PMI (DEC) A | C 55.3 | P 58.4
1500 USD Factory Orders MoM (NOV) A | C 0.7% | P 1.0%
1530 USD Crude Oil Inventories A | C -1.271m | P -6.065m
1900 USD FOMC Meeting Minutes
Harry Hindsight
- GBP: Opening on its lows the Cable moved up to the 1.3580 area from the early lows around the 1.3555 area, moving through into the Tokyo session the market slowly pushed through to the 1.3600 area and light tested towards the 1.3615 area before drifting back for the London opening to push towards the lows once more, basing around the 1.3555 level through the London session the market generally ranged around the 1.3585 area with brief sojourns above the 1.3600 level before moving deeper into the NYK session and extending its gains through to the 1.3640 level before drifting back to the 1.3625 area for the close.
- JPY: Opening around the 103.10 level and held through into the first couple of hours of Tokyo before starting a slow steady drift lower through to the grey hours holding the 102.90 area, early London slowly pushed it through to the 102.80 area and stronger bids through to the NYK session and the market then managed to quickly dip through to the 102.60 level for the first time and recovered to the 102.75 area for the close.
- AUD: A slow steady rise throughout the day, opening around the 0.7665 area and held in the 0.7660 area through to the Tokyo session, midsession Tokyo saw the market pushing above the 77 cents levels and after a brief period of flirtation pushed through to the 0.7725 area to range into the London session before dipping a little for the move into the NYK session and a solid push through to the 0.7775 area testing the area before drifting for the close.
- EUR: Opening on its lows and ranging around the 1.2250 area before moving steadily higher from the Tokyo opening to range around the 1.2270 areas for the move through the grey hours, dipping back through the 1.2260 area and then slowly rising through to the hour before NYK pushing the 1.2290 level, NYK were early sellers however, as London ended the market started to rise through to the 1.2300 level and range around the area through to the close.
Premiership Results
EUR German Retail Sales MoM (NOV) A 1.9% | C -2.0% | P 2.6%
CHF CPI MoM (DEC) A -0.1% | C -0.1% | P -0.2%
EUR Spanish Unemployment Change A 36.8k | P 25.3k
EUR German Unemployment Change (DEC) A -37k | C 10k | P -39k | R -40k
EUR German Unemployment Rate (DEC) A 6.1% | C 6.1% | P 6.1%
CAD RMPI MoM (NOV) A 0.6% | P 0.5%
USD ISM Manufacturing Employment (DEC) A 51.5 | P 48.4
USD ISM Manufacturing PMI (DEC) A 60.7 | C 58.6 | P 57.5
USD FOMC Member Williams Speaks
USD API Weekly Crude Oil Stocks A -1.663m | P -4.785m
Best Regards
Andy
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