Andy Harrison
Good morning,
LMAX Close
USDJPY 112.38 | EURUSD 1.11811 | AUDUSD 0.7532 | NZDUSD 0.67226 | USDCAD 1.32046 | USDCHF 0.97513 | GBPUSD 1.41175 |
LMAX Highs and Lows 6am
                               High | Low
EURUSDÂ Â Â Â Â Â Â Â Â Â Â Â Â Â 1.11864 | 1.11635
USDJPY Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 112.875 | 112.297
GBPUSDÂ Â Â Â Â Â Â Â Â Â Â Â Â Â 1.41225 | 1.40882
AUDUSDÂ Â Â Â Â Â Â Â Â Â Â Â Â 0.75369 | 0.74895
USDCHFÂ Â Â Â Â Â Â Â Â Â Â Â Â Â 0.97643 | 0.97497
USDCADÂ Â Â Â Â Â Â Â Â Â Â Â Â Â 1.32436 | 1.32029
NZDUSDÂ Â Â Â Â Â Â Â Â Â Â Â Â Â 0.67217 | 0.66911
EURGBPÂ Â Â Â Â Â Â Â Â Â Â Â Â Â 0.79281 | 0.79131
EURJPYÂ Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 126.083 | 125.577
EURCHFÂ Â Â Â Â Â Â Â Â Â Â Â Â Â Â 1.09084 | 1.09006
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For Today
- EUR: Eu4o’s eased into the new session around the 1.1180 level and only able to limp to a 1.1185 area higher before BoJ released a summary of the March meeting, as the USDJPY traded higher the Euro was force lower and into the 1.1165 levels in a quick move the market since then has traded in a tight range through to the grey hours holding around the 1.1170 level. Topside offers are light back through the 1.1200 areas with only limited interest into the 1.1220 level, a move through is not likely to stir too much interest, better offers are likely on a move towards the 1.1280 levels with the offers likely to continue deep into the 1.1340 areas, with a break through the 1.1350-60 level likely to see strong stops making an appearance, downside bids into the current lows and likely to continue, a move through the 1.1140 level likely to see some weakness before some light bids into the 1.1100 areas, a move lower will likely see stronger bids making an appearance into 1.1050 areas with light congestion continuing to the sentimental 1.1000 level.
- GBP: A quiet range for Cable dipping from the opening levels just below 1.4120 to test the 1.4090 areas once the BoJ summary had been released, the market continued to base of the 1.4090 levels through the session touching briefly above on occasions above the 1.4100 levels with early news talking of a Brexit sell off again however, I think this is more to do with the inflationary data from the day before, Topside offers into the 1.4120 levels are likely to be light and a move through the 1.4150 level will likely see weak stops appearing and the market likely to rise to the 1.4200 areas and stronger offers, with any strong moves likely to open the topside again for greater movement. Downside has bids down into the 1.4050 levels and a break here again opens up the market to a test to the years lows.
- JPY: The market move quietly into the Tokyo session, the release of the March meeting summary by the BoJ showed that a heated debate was held on rolling back the negative rates and the USDJPY dipped to test 112.30 before rallying strongly to the 112.70 levels, the market then continued testing the topside offers through the session pushing to above the 112.85 levels before drifting into the grey hours, Topside offers through the current highs and into the 113.20 levels, further offers then move closely in from the 113.40 areas and are likely to continue with those offers likely to become stronger into the 113.80-114.00 levels. Downside bids are light back through to the opening levels with the bids starting to increase however, the market has been through these levels over the past few days and bids are likely to be still building with the 111.40-60 possibly stronger.
- AUD: A strong USDJPY saw the Oz again slip lower from the opening in Tokyo and the market tested steadily through the 75 cent level in the first hour, as the market moved on and USDJPY held its highs the market did make its way back to the 0.7520 levels but with iron ore again coming under pressure in the past 24hrs the Oz again slipped to the 75 cent level and held there to the grey hours. Topside offers light through the 0.7540-60 areas however, the better offers are now beginning to build around 76 cent level with stronger levels into 0.7650 and possibly large stops on a break through that level, downside bids into the current lows are light however, there is likely to be congestion throughout the 74 cent level and only a break through the 0.7400 level will open any further weakness.
Overnight News
CNY:
China premier says govt. will cut taxes, streamline administration, keep yuan stable
China Economy Saw Positive Signs of Changes This Yr: Li
China to Avoid Major Fluctuations in Housing Market, Li Says
JPY:
BOJ Turns Focus From Money Supply to Holding Down Rates: Nikkei
One BOJ Board Member Says Undoing Negative Rate Isn’t an Option
NZD:
New Zealand Posts Better-Than-Forecast Trade Surplus in February
Today’s data
Actual = A | Consensus = C | Previous = P | Revised = R All timings GMT
NZDÂ Â Â Â Â Â Trade Balance (NZD) Feb A 339M | C 75M | P 8M
07:00Â Â Â Â EURÂ Â Â Â Â Â Â German GfK Consumer Sentiment Apr P 9.5
09:00Â Â Â Â EURÂ Â Â Â Â Â Â ECB Publishes Economic Bulletin
09:30Â Â Â Â GBPÂ Â Â Â Â Â Retail Sales M/M Feb C -1.00% | P 2.30%
09:30Â Â Â Â GBPÂ Â Â Â Â Â BBA Mortgage Approvals Feb C 47.8K | P 47.5K
11:00Â Â Â Â GBPÂ Â Â Â Â Â CBI Realized Sales C 12 | P 10
12:30Â Â Â Â USDÂ Â Â Â Â Â Initial Jobless Claims (MAR 19) C 267K | P 265K
12:30Â Â Â Â USDÂ Â Â Â Â Â Durable Goods Orders Feb (P) C -2.50% | P 4.70%
12:30Â Â Â Â USDÂ Â Â Â Â Â Durables Ex Transportation Feb (P) C 0.00% | P 1.70%
Harry Hindsight             Â
- EUR: With little data in the market today the USD was firmer, Euros made early gains to the 1.2240’s before moving into the Tokyo session to test the 1.1210 levels and then drift quietly through the session to the grey hours holding the 1.1200 level, early London quickly sold the market through to the 1.1180 levels and the market then held in a tight range into the NYK session, The market into NYK turned steadily lower with light stops triggered and the Euro pushed into the 1.1160 levels over the early part of the session recovering a little once London closed to return to the 1.1180 levels for the close.
- GBP: Cable saw light gains into early Tokyo with the market moving off the opening 14.210 level to test towards the 1.4230 levels however, those early gains were soon wiped out as the Cable dipped after the first hour of Tokyo and slowly drifted ever lower through the session, the market moved into the grey hours trading to the 1.4170 levels, the move into the NYK session saw fresh buying in the EURGBP cross and the market edging steadily higher to the 0.7935 levels before fining resistance this saw the Cable drifting lower again and pushing steadily through to the 1.4100 levels and only minor support holding the market before dipping through to the 1.4080 areas, the market recovered once the London session was over to above the 1.4100 levels however it again struggled to make any significant gains and held to the close just below the 1.4120 level.
- JPY: A quiet opening for USDJPY with the market initially slipping to the 112.15 areas before making a slow climb through the Tokyo session to test to the 112.45 levels and the grey hours, the market again returned to the opening 112.35 levels and traded quietly through into the London session, some strong buying of the USDJPY saw the market pushing through those previous highs and moving in steps to test into the NYK session to just above the 112.90 areas and the strongest rally of the majors, the failure to push through the topside offers soon saw the market drifting back to the 112.60 levels, and the end of the London session seemed to signal further weakness with the market dropping back to the opening levels and holding in a tight range to the close basing off that 112.35 area.
- AUD: As with the rest of the market a quiet start saw the market in the Oz rise from the opening 0.7620 levels to test towards the 0.7650 levels however, again the market fails at the level and drifts back off in to the grey hours little changed from the opening, Commodity prices drifted through the day as did the Oz as a core reaction and while the USD gave up some of its gains the Oz continued through the London session pushing ever lower with very little urgency, the move into the NYK session saw the market slip further as the NYK market sold the weakness and the market moved down to the 0.7530 levels before finding some support, however, it was unable to move back off the level ended the day in that area.
Yesterday’s premiership results
CHFÂ Â Â Â Â Â Â ZEW (Expectations) Mar A 2.5 | P -5.9
USDÂ Â Â Â Â Â New Home Sales Feb A 512K | C 500K | P 494K | R 502K
USDÂ Â Â Â Â Â Crude Oil Inventories A 9.4M | C 2.5M | P 1.3M
Good Luck,
Andy
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