Daily FX Market Commentary

Andy Harrison

Good morning,

 

LMAX Close Wellington open

USDJPY 105.29 105.38-42 | EURUSD 1.37453 1.3757-75 | EURJPY 144.72 144.971-145.216| AUDUSD 0.89172 0.8885-0.8933 | NZDUSD 0.82367 0.8200-49 | USDCAD 1.06223 1.0624-46 | EURCHF 1.22733 1.2254-80 | USDCHF 0.89289 0.8886-0.8945 | GBPUSD 1.65609 1.6489-1.6579 | EURGBP 0.8301 0.8305-0.8330 |

 

Interbank Ranges as of 6am London time

Highs    Lows

USD/JPY               105.40 | 105.24

EUR/USD             1.3776 | 1.37405

EUR/JPY               145.08 | 144.71

AUD/USD            0.8926 | 0.8885

NZD/USD             0.8234 | 0.8193

USD/CAD             1.0649 | 1.0627

EUR/CHF              1.2286 | 1.2268

USD/CHF             0.8937 | 0.8908

GBP/USD             1.6605 | 1.6563

EUR/GBP             0.8305 | 0.8285

 

Overnight News

CNY:

Final HSBC factory PMI dips to 3mth low in December at 50.5 vs. 50.8 in November

AUD:

Home prices up almost 10% in 2013

 

 

For today

  • EUR: A choppy light volume session with the market opening on the wide and trading from the 1.3745 area to above 1.3760 as the market found its levels after the market on opening players had finished. We then traded up from around the 1.3755 level to push above 1.3770 in early trading however, with no Japanese until Monday we are likely to find the same until then. With only light orders showing in the market the market struggled to the topside eventually topping just above the 1.3775 levels before dropping back off again to the 1.3745 over the course of an hour for the moment we hold around the 1.3750 with only some light bids covering the 1.3700/10 area in support.
  • GBP: A steady rise higher on very little volume but with less interest in getting involved in Cable, opening around the 1.6560 we moved quickly to above the 1.6590 and traded in a tight band from then on to top just above the 1.6595 levels where we hold for the moment as we run towards London.
  • JPY: Early USDJPY moved to above the 105.40 levels as early players quickly ran the market from the 105.25 levels however, with good offers to the topside for the moment and a lack of market it struggled to move in either direction dropping back to the closing areas from last year, holding the 105.25/30 for much of the session in light volume. The downside is light and mixed with a move to the 104.50 levels probably going unchallenged for the most part.
  • AUD: The Oz moved untidily on the opening dropping from the 0.8910 areas to around the 0.8885 levels before slowly recovering over the course of the session to touch above 0.8925 where the market ran into light offer sufficient to put a lid on the pair. Downside sees very little until the mid-0.8850 levels where some light bids start to appear however, we’ve only just moved into 2014 so until Monday things are likely to be a bit sparse.

 

Today’s data

Actual = A | Consensus = C | Previous = P | Revised = R All timings GMT

08:45     EUR        Italian PMI Manufacturing Dec C 51.7 | P 51.4

09:00     EUR        Eurozone PMI Manufacturing Dec (F) C 52.7 | P 52.7

09:30     GBP       PMI Manufacturing Dec C 58.2 | P 58.4

13:30     USD       Initial Jobless Claims (DEC 28) P 338K

15:00     USD       ISM Manufacturing Dec C 56.9 | P 57.3

15:00     USD       ISM Prices Paid Dec C 52.8 | P 52.5

15:00     USD       Construction Spending M/M Nov C 0.60% | P 0.80%                       

 

 

Stay lucky

Andy

LMAX Exchange Market Commentary   AUDUSD   Andy Harrison  

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