Andy Harrison
Good morning,
NYK Close
USDJPY 79.672 | EURUSD 1.25042 | EURJPY 99.624 | AUDUSD 1.00101 | NZDUSD 0.78638 | USDCAD 1.02914 | EURCHF 1.20094 | USDCHF 0.96047 | GBPUSD 1.5574 | EURGBP 0.80291 |
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Harry Hindsight
·        EUR: You could be forgiven for falling asleep during the whole session, having opened lower in Asia around the 1.2550 area it traded lower throughout the session moving into NYK to trade a 1.2480-1.2505 range, with less agreement than people were expecting last week in Europe of the direction I have to say it’s no real surprise to me where we’ve had years of doing the least we can until they’re in dire straits, so we wait to the point of bankruptcy before agreeing to something anything.
·        GBP: From just below 1.5600 from the opening it stayed in a tight range in Asia, London came in selling pushing it below 1.5545 from there we ranged gradually legging up slightly into NYK to finish around the 1.5570 level.
·        JPY: The resilience the market has seen in USDJPY over the past week ended today with steady declines in the pair triggering stops in various different crosses EURJPY in early London and so on as we moved the session, having traded early on above 80.60 moving lower from that point until we hit just below 79.50 in mid NYK and holding around 79.60 into the close.
·        AUD: Dragged lower by concerns over Europe had the Oz joined at the hip with the Euro moving from above 1.0050 to below parity triggering some minor stops as it fell quickly below 0.9980, then rising slowly above parity into the close in NYK.
Yesterday’s premiership results
Actual = A | Consensus = C | Previous = P | Revised = RÂ
USDÂ Â Â Â Â Â New Home Sales May A 369K | C 345K | P 343KÂ
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For today
USDJPY
Topside: 79.70-80.00 decent offers 80.20-80.50 light offers 80.70-81.00 decent buy stops
Downside: 79.20-79.50 light bids 78.80-79.10 light sell stops 78.40-78.70 light bids
EURUSD
Topside: 1.2520-1.2550 light buy stops 1.2570-1.2600 medium buy stops
Downside: 1.2430-1.2460 medium sell stops 1.2370-1.2400 medium sell stops 1.2320-1.2350 light sell stops
EURJPY
Topside: 99.60-99.90 light offers 100.00-100.30 light offers
Downside: 99.00-99.30 light bids AUDUSD
Topside: 1.0010-1.0040 light buy stops 1.0050-1.0080 medium buy stops 1.0100-1.0130 light offers
Downside: 0.9950-0.9980 light bids 0.9900-0.9930 light bids
23:50Â Â Â Â JPYÂ Â Â Â Â Â Â Â Corporate Service Price Y/Y May A 0.10% | C 0.30% | P 0.20%Â Â Â Â Â
2:00Â Â Â Â Â Â Â CNYÂ Â Â Â Â Â Â Conference Board Leading Index M/M May A 1.10% | C Â Â Â Â Â Â Â Â Â Â Â Â Â Â 0.80% | P 0.90%
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JPY:
Japan Lower House Special Committee Passes Sales Tax Hike Bill
BOJ official: fiscal backtracking could spike yields
Japan Fin Min Azumi: Expect EU Leaders to Firmly Handle Spain Issue
Japan Corp Service Price Index Up 0.1% In May, Less Than Expected
CNY:
China can meet 10% trade growth target -official
China Has No Imminent Auto Stimulus Plan, Economic Official Says
China Forex Regulator: End-March Foreign Debt $751.3 Bln
China Should Cut Interest Rates Again – Report
AUD:
Australia not at risk of housing bust -CB
NZD:
NZ appoints Graeme Wheeler next central bank governor
·        EUR: End of NYK took us back above the 1.2500 level and while the market was very quiet we managed to push a little higher moving above 1.2520 but that was all she wrote and as we moved through Tokyo lunch we started to move back down to the 1.2500 level again for the London session.
·        GBP: While not looking so buoyant at the beginning of the session moving down to below 1.5565 it managed to creep higher attempting a move on the 1.5590 level late into the session before failing and falling back into the mid 70’s in the run to London opening.
·        JPY: A quiet day considering the USDJPY’s fall yesterday would usually have given the impression that we’d get a bounce or continue the move lower however, this is the USDJPY and we’ve come to a dead stop and stayed in a reasonably tight range of 79.45-79.75 for the most part, falling off during Tokyo lunch to put in the lows.
·        AUD: In a slow moving market it managed to continue to recover some of yesterday’s losses moving from the parity area to above 1.0030 for several hours ranging between 1.0020-1.0034 moving to the low side as we move towards London.
·        Overall: A very quiet day with very little volume going through.
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Today’s data
Consensus = C Previous = P Timings GMT
6:00Â Â Â Â Â Â Â CHFÂ Â Â Â Â Â Â UBS Consumption Indicator May P 1.41
6:00Â Â Â Â Â Â Â EURÂ Â Â Â Â Â Â German GfK Consumer Sentiment Jul C 5.6 | P 5.7Â Â Â Â Â Â Â Â Â Â
8:30Â Â Â Â Â Â Â GBPÂ Â Â Â Â Â Public Sector Net Borrowing (GBP) May C 14.0B | P -18.8BÂ Â Â Â Â Â Â Â Â Â Â
13:00Â Â Â Â USDÂ Â Â Â Â Â S&P/Case-Shiller Composite-20 Y/Y Apr C -2.00% | P -2.60%Â Â Â Â Â Â Â Â
14:00Â Â Â Â USDÂ Â Â Â Â Â Consumer Confidence Jun C 64 | P 64.9
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Ranges as of 6am London time
                               Highs  Lows
USD/JPYÂ Â Â Â Â Â Â Â Â Â Â Â 79.79 | 79.426
EUR/USDÂ Â Â Â Â Â Â Â Â Â Â Â 1.2525 | 1.2497
EUR/JPYÂ Â Â Â Â Â Â Â Â Â Â Â 99.88 | 99.30
AUD/USDÂ Â Â Â Â Â Â Â Â Â Â Â 1.0035 | 1.0001
NZD/USDÂ Â Â Â Â Â Â Â Â Â Â Â 0.7904 | 0.787
USD/CADÂ Â Â Â Â Â Â Â Â Â Â Â 1.0293 | 1.0273
EUR/CHFÂ Â Â Â Â Â Â Â Â Â Â Â 1.20109 | 1.20098
USD/CHFÂ Â Â Â Â Â Â Â Â Â Â Â 0.9609 | 0.9589
GBP/USDÂ Â Â Â Â Â Â Â Â Â Â 1.5588 | 1.5564
EUR/GBPÂ Â Â Â Â Â Â Â Â Â Â 0.8038 | 0.8026
Good luck
Andy