Andy Harrison
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 1.31061
GBPÂ Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 1.58935
JPYÂ Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 81.49
CHFÂ Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 0.91707
AUDÂ Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 1.03137
NZDÂ Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 0.82368
CADÂ Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 0.99751
EURCHFÂ Â Â Â Â Â Â Â Â Â Â Â Â Â Â 1.2019
EURGBPÂ Â Â Â Â Â Â Â Â Â Â Â Â Â 0.8246
EURJPYÂ Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 106.796
Harry Hindsight
The market remained quiet during London hours however, what used to be called the 5 o’clock fandango took over and we saw Euro’s race from 1.3070 to 13130 area before dropping back towards the figure area, one would surmise a lack of liquidity or poor workmanship by some dealer. Cable followed the Euro but not so sharp and far indicating it was pure Euro. AUD moved up above 1.0300 during the session more down to bottom pickers putting longs in above 1.0250. USDJPY appeared to move higher after the Euro, so maybe EURJPY buying with the offender buying the legs it moved from just below 81.40 to top out at 81.66.
Yesterday’s premiership results
Actual                  Consensus                        Previous             Revised Â
23:50   JPY     Current Account (JPY) Feb      Â
0.85TÂ Â Â Â Â Â Â Â Â Â Â Â Â Â 0.66TÂ 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 0.12TÂ Â Â
01:30   CNY    PPI Y/Y Mar    Â
-0.30%Â Â Â Â Â Â Â Â Â Â Â Â -0.30%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
01:30   CNY    CPI Y/Y Mar    Â
3.60%Â Â Â Â Â Â Â Â Â Â Â Â Â 3.40%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 3.20%Â Â
05:00   JPY     Eco Watchers Survey: Current Mar       Â
51.8Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 46.5Â 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 45.9Â Â Â Â Â
For today
JPY
Topside: 81.90-82.10 light offers, 82.30-50 (light 2-way), 82.90-83.30 (medium-light staggered offers)
Downside: 81.20-40 (medium bids), 80.95-81.15 (medium stops), 80.65-85 (medium bids), 80.00-20 (light bids)
EUR
Topside: 1.3140-60 (light offers), 1.3180-1.3200 (light offers), 1.3235-55 (2-way interest, light offering bias)
Downside: 1.3060-80 (light stop sellers), 1.3020-40 (medium stop sellers), 1.2980-1.3000 (2-way interest, light stop bias)
EURJPY
Topside: 107.80-108.00 (light stop buyers), 108.60-80 (light offers)
Downside: 106.50-70 (light stop sellers), 105.00-40 (series of light stops)AUD
Topside: 1.0340-60 (light offers), 1.0380-1.0400 (good 2-way interest, medium offering bias)
Downside: 1.0240-70 (series of light/medium stop sellers), 1.0205-35 (light bids), 1.0175-95 (light stops)
Bernanke made comments which triggered some risk buying, add to which rumours of data being released in China however, said news was from an official news agency and not the usual source. Euro’s moved from its sedate 1.3100/10 level to above 1.3140 before dropping back a little to 1.3130 when said rumour was squashed. Cable pushed through 1.5900 and unlike the Euro continued to trade slightly high not falling back with the Euro on lack of interest one assumes. AUD led the move up pushing up above 1.0350 before meeting profit takers and resistance, falling back quicker than it went up back to the range from the close of NYK, again very light volumes considering the moves. USDJPY saw buying from importers during the fixing market continued in a tight range but the buyers overcooked it and once they’d finished the market fell back from the 81.84 highs to below 81.40. BoJ’s decision to keep rates where they are was no big surprise and had little impact on the market.
Actual                  Consensus                        Previous             Revised Â
           JPY     BoJ Rate Decision                  Â
0.10%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 Â 0.10%Â Â
GBPÂ Â Â Â RICS House Price Balance MarÂ
-10%Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -12%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 -13%Â Â Â Â
AUDÂ Â Â Â NAB Business Confidence MarÂ
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 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 1Â Â Â Â Â Â Â Â Â
Today’s data
Consensus                          Previous Â
5:45     CHF     Unemployment Rate Mar                      Â
3.10%Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 3.10%Â Â
6:00     EUR    German Trade Balance (EUR) Feb                    Â
12.0BÂ 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 13.1BÂ Â Â
6:00Â Â Â Â Â JPYÂ Â Â Â Â Machine Tool Orders Y/Y Mar PÂ Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â
-8.60%Â
8:30     EUR    Eurozone Sentix Investor Confidence Apr                     Â
-9.1Â 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 -8.2Â Â Â Â Â Â
14:00   USD    Wholesale Inventories 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 0.40%Â Â
Ranges as of 6am London time
                              High      Low
EUR=EBSÂ Â Â Â Â Â Â Â Â Â 1.3145Â Â 1.3100
JPY=EBSÂ Â Â Â Â Â Â Â Â Â Â 81.87Â Â Â Â 81.363
EURJPY=EBSÂ Â 107.478 106.84
CHF=EBSÂ Â Â Â Â Â Â Â Â Â Â 0.9174Â Â 0.91467
GBP=D2Â Â Â Â Â Â Â Â Â Â Â Â Â Â 1.5931Â Â 1.5897
AUD=D2Â Â Â Â Â Â Â Â Â Â Â Â Â Â 1.0357Â Â 1.0296
NZD=D2Â Â Â Â Â Â Â Â Â Â Â Â Â Â 0.824Â Â Â Â 0.8194
CAD=D2Â Â Â Â Â Â Â Â Â Â Â Â Â Â 0.9973Â Â 0.9951
EURCHF=EBSÂ Â 1.2025Â Â 1.20166
EURGBP=D2Â Â Â Â Â 0.8253Â Â 0.8240
MXN=D2Â Â Â Â Â Â Â Â Â Â Â Â Â 12.97Â Â Â Â 12.9425
ZAR=D2Â Â Â Â Â Â Â Â Â Â Â Â Â Â 7.8900Â Â 7.862
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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
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