Good morning,
Â
NYK Close
EURÂ Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 1.33205
GBPÂ Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 1.60257
JPYÂ Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 82.076
CHFÂ Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 0.9037
AUDÂ Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 1.04189
NZDÂ Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 0.82541
CADÂ Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 0.99058
EURCHFÂ Â Â Â Â Â Â Â Â Â Â Â Â Â Â 1.20383
EURGBPÂ Â Â Â Â Â Â Â Â Â Â Â Â Â 0.83114
EURJPYÂ Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 109.331
Harry Hindsight
Mixed day for the Euro’s with no change on the PMI Euro’s attempted to rally during the early part on London again failing towards the 1.3385 level but having made the move sellers took advantage of the resistance and moved in swiftly, the move lower was a lot quicker than the move up trading down to 1.3280 level before finding some support we then moved into a generally quiet period as Euro’s regained some of its losses but never quiet recovered to the opening levels. Cable managed to dodge the movements of Euro’s for the most part moving quickly up during the London opening touching above 1.6060 for the first time this year before drifting back however, it didn’t retrace as far as the Euro and held up around the 1.6000 level on the back of an unexpected PMI number and a revision on the previous. EURGBP declined to the 0.8310 mark. AUD continued to decline with nothing expected on the RBA announcement moving down below 1.0400 again but finding support 1.0360 level with USD figures doing very little to excite the AUD found itself back in focus for the risk takers moving back above 1.0400 to finish towards unchanged. USDJPY you’d have thought with that Tankan result the JPY would have found itself being sold across the board but even during Asia JPY was starting to be bought by retail types out of Japan, this seemed to continue thought out the session before finding a base line around 82.20/10 level where we went out from the 83.20 highs.
Friday’s premiership results
Actual                  Consensus                        Previous             Revised Â
JPYÂ Â Â Â Â Tankan Large Manufacturers Index Q1Â Â Â
-4Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -1Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -4Â Â Â Â Â Â Â Â
JPYÂ Â Â Â Â Tankan Non-Manufacturing Index Q1Â Â Â Â Â Â
5Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 5Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 4Â Â Â Â Â Â Â Â Â
AUD    Building Approvals M/M Feb    Â
-7.80%Â Â Â Â Â Â Â Â Â Â Â Â 0.50%Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 0.90%Â Â Â Â Â Â Â Â Â Â Â Â Â 1.10%
CHF     Retail Sales (Real) Y/Y Feb      Â
0.80%Â Â Â Â Â Â Â Â Â Â Â Â Â 3.20%Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 4.40%Â Â Â Â Â Â Â Â Â Â Â Â Â 4.70%
CHFÂ Â Â Â Â SVME-PMI Mar
51.1Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 49.5Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 49Â Â Â Â Â Â Â Â
EURÂ Â Â Â Eurozone PMI Manufacturing Mar FÂ Â Â Â Â Â Â
47.7Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 47.7Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 47.7Â Â Â Â Â
GBPÂ Â Â Â PMI Manufacturing MarÂ
52.1Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 50.7Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 51.2Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 51.5
EUR    Eurozone Unemployment Rate Feb      Â
10.80% Â Â Â Â Â Â Â Â Â Â Â 10.80% Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 10.70%
USD    Construction Spending M/M Feb          Â
-1.10%Â Â Â Â Â Â Â Â Â Â Â Â 0.70%Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -0.10%Â
USDÂ Â Â Â ISM Manufacturing MarÂ
53.4Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 53.1Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 52.4Â Â Â Â Â
USD    ISM Prices Paid Mar    Â
61Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 62.3Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 61.5Â Â Â Â Â
For today
JPY
Topside: 82.40-60 (light offers), 83.40-90 (light staggered offers)
Downside: 81.75-95 (2-eay interest, medium stop sell bias), 81.50-70 (more 2-way interest, medium bidding bias), 81.20-40 (light bids)
EUR
Topside: 1.3360-90 (light offers), 1.3405-25 (medium stop buyers), 1.3450-80 (good 2-way interest, light stop bias)
Downside: 1.3240-70 (light bids), 1.3200-20 (light stops), 1.3150-80 (light 2-way interest)
EURJPY
Topside: 110.05-25 (light offers), 110.80-111.00 (light offers), 111.60-80 (light stops)
Downside: 109.05-25 (light stop sellers), 108.70-90 (light stops), 108.00-20 (light bids)AUD
Topside: 1.0450-70 (light stops), 1.0485-1.0505 (medium offers), 1.0520-50 (light staggered offers)
Downside: 1.0345-65 (light stop sell zone), 1.0290-1.0310 (good 2-way, light stop sell bias)
AUD:
Australia CB leaves rates steady
Australian February Retail Sales +0.2% Vs +0.2% Consensus
JPY:
Japan Public Pension Fund To Tap Reserves For Y8.8T – Nikkei
Econ Min Furukawa: Hope BOJ To Take Appropriate Steps To Realize 1% Inflation Goal
Japan Azumi: hope for progress on IMF funding by April 20
JPY/KRW: Japan OKs 1-Year Extension Of Sanctions Against N. Korea -Kyodo
CNY:
China revised official services PMI shows healthy growth
China PBOC Zhou: Still A Risk Global Economy Could Go Back Into Recession
CNY: China PBOC Zhou: US Should Take Responsible Approach To Monetary Easing
China Pension Fund Chief: Yuan Exchange Rate Has Reached Appropriate Level
NZD:
NZ Finance Minister: 2012 Budget Won’t Include Extra Money For New Spending
Euro’s found itself in a strange position today, with everyone waiting for the RBA decision it moved gradually higher moving in tandem with the AUD peaking at 1.3355 before staying in a tight range awaiting the number, once the no change came AUD moved quickly lower and the Euro moved off from those highs into the mid 30’s and started to look weak for the session. Cable remained fairly calm touching 1.6020 in the first hour before rising into the 40’s the fall back in AUD and Euro was hardly noticeable in cable and it remained close to its highs for the session on quiet trading. AUD, the risk always seemed to be to the downside either they cut or did nothing, everyone was expecting nothing yet the market seemed fairly well bid going into the session and traded up to the high 1.0440’s twice before the announcement, once the announcement was made the market dropped quickly to the 1.0400 area before stabilising and finding a little support the fact that there is a wait and see tends to lean towards further easing likely. USDJPY, seemed to be settling in for a quiet session, that was before rumours of decent sized stop losses ran there course and they were quickly taken out below 82.00 running the market to the 81.60 area before support was found and it then spent the rest of the session quietly moving up to recover some of the losses to the 81.90 level.
Actual                  Consensus                        Previous             Revised Â
JPYÂ Â Â Â Â Monetary Base Y/Y Mar
-0.20%Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 11.30%
CNY    China Non-manufacturing PMI Mar        Â
58Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 48.4Â Â Â Â Â
JPYÂ Â Â Â Â Labour Cash Earnings Y/Y FebÂ
0.70%Â Â Â Â Â Â Â Â Â Â Â Â Â 0.10%Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 0.00%Â Â Â Â Â Â Â Â Â Â Â Â Â -0.90%
AUD    Retail Sales M/M Feb  Â
0.20%Â Â Â Â Â Â Â Â Â Â Â Â Â 0.20%Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 0.30%Â Â
AUD    RBA Rate Decision                  Â
4.25%Â Â Â Â Â Â Â Â Â Â Â Â Â 4.25%Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 4.25%
Today’s data
Consensus                          Previous Â
8:30     GBP    PMI Construction Mar              Â
53.4Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 54.3Â Â Â Â Â
9:00     EUR    Eurozone PPI M/M Feb            Â
0.50%Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 0.70%Â Â
9:00     EUR    Eurozone PPI Y/Y Feb             Â
3.50%Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 3.70%Â Â
14:00   USD    Factory Orders Feb                 Â
1.50%Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -1.00%Â
18:00Â Â Â USDÂ Â Â Â FOMC MinutesÂ
                                  Â
23:01   GBP    BRC Shop Price Index Y/Y Mar            Â
1.50%Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 1.20%Â Â
Ranges as of 6am London time
Bid         Offer    High      Low
USD/JPYÂ Â Â Â Â Â Â Â Â Â Â Â Â Â 81.953Â Â 81.970Â Â 82.239Â Â 81.55
EUR/USDÂ Â Â Â Â Â Â Â Â Â Â Â 1.33333 1.33347 1.3356Â Â 1.3313
EUR/JPYÂ Â Â Â Â Â Â Â Â Â Â Â Â Â 109.270 109.305 109.559 108.7
AUD/USDÂ Â Â Â Â Â Â Â Â Â Â 1.04010 1.04030 1.047Â Â Â Â 1.0395
NZD/USDÂ Â Â Â Â Â Â Â Â Â Â Â 0.82370 0.82390 0.8265Â Â 0.8229
USD/CADÂ Â Â Â Â Â Â Â Â Â Â Â 0.98920 0.98930 0.9908Â Â 0.9893
EUR/CHFÂ Â Â Â Â Â Â Â Â Â Â Â Â 1.20391 1.20419 1.2042Â Â 1.20365
USD/CHFÂ Â Â Â Â Â Â Â Â Â Â Â 0.90283 0.90308 0.9045Â Â 0.90133
GBP/USDÂ Â Â Â Â Â Â Â Â Â Â Â 1.60350 1.60370 1.6048Â Â 1.6021
EUR/GBPÂ Â Â Â Â Â Â Â Â Â Â Â 0.83145 0.83160 0.83225 0.8311
USD/SGDÂ Â Â Â Â Â Â Â Â Â Â Â 1.25080 1.25110 1.2535Â Â 1.2505
EUR/SEKÂ Â Â Â Â Â Â Â Â Â Â Â Â 8.78530 8.79150 8.7915Â Â 8.7855
EUR/NOKÂ Â Â Â Â Â Â Â Â Â Â 7.56010 7.56400 7.564Â Â Â Â 7.56
Any opinions, news, research, analyses, prices or other information contained on this Blog, whether by LMAX, its employees, partners or contributors, does not constitute investment advice nor has it been prepared in accordance with legal requirements designed to promote the independence of investment research. Further, the material 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. Whilst information provided on this Blog may help with your investment research you must consider carefully whether you should make (or refrain from making) investment or other decisions based on what you see without doing further research on the investments you are interested in. Participating in this Blog cannot be a substitute for obtaining advice from an appropriate expert independent adviser who takes into account your circumstances and specific investment needs in selected investments that are appropriate for you. LMAX 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 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 material produced in this Blog was obtained from sources deemed to be reliable, LMAX 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.
If you currently hold an account with LMAX for the purposes of trading FX and CFD’s, you are encouraged to use a different Username and Password to access the Blog or any other online systems. The Blog is a place to learn, discuss and share information and ideas with Blog followers. It is not a place to slander, use unacceptable language or to promote LMAX or any other FX, Spread Betting 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.
LMAX will clearly identify and mark any content it publishes or that is approved by LMAX.
FX and CFDs are leveraged products that can result in losses exceeding your deposit. Â They are not suitable for everyone so please ensure you fully understand the risks involved. The information on this website is not directed at residents of the United States of America or any other jurisdiction where trading in CFDs and/or FX is restricted or prohibited by local laws or regulations.
LMAX Limited operates a multilateral trading facility. LMAX Limited is authorised and regulated by the Financial Services Authority (firm registration number 509778) and is a company registered in England and Wales (number 6505809). Our registered address is Yellow Building, 1A Nicholas Road, London, W11 4AN.
Regards
Andy Harrison
Night Risk Manager
Direct: +44 (0) 203 192 2594
[email protected] | https://www.lmax.com
LMAX, Yellow Building, 1A Nicholas Road, London W11 4AN
FX and CFDs are leveraged products that can result in losses exceeding
your deposit. They are not suitable for everyone so please ensure you
fully understand the risks involved. The information in this email is not
directed at residents of the United States of America or any other
jurisdiction where trading in CFDs and/or FX is restricted or prohibited
by local laws or regulations.
The information in this email and any attachment is confidential and is
intended only for the named recipient(s). The email may not be disclosed
or used by any person other than the addressee, nor may it be copied in
any way. If you are not the intended recipient please notify the sender
immediately and delete any copies of this message. Any unauthorised
copying, disclosure or distribution of the material in this e-mail is
strictly forbidden. LMAX operates a multilateral trading facility. Authorised and regulated
by the Financial Services Authority (firm registration number 509778) and
is registered in England and Wales (number 06505809).
Our registered address is Yellow Building, 1A Nicholas Road, London, W11
4AN.