Daily FX Market Commentary

Andy Harrison

Good morning,

 

LMAX Close

USDJPY 117.041 | EURUSD 1.05217 | AUDUSD 0.72047 | NZDUSD 0.69277 | USDCAD 1.34383 | USDCHF 1.01851 | GBPUSD 1.23462 |

 

LMAX Ranges 6am London time

Highs    Lows

EURUSD               1.05299 | 1.05106

USDJPY                 116.945 | 116.724

GBPUSD               1.23581 | 1.23342

AUDUSD              0.72300 | 0.72049

USDCAD               1.34537 | 1.34101

NZDUSD               0.69275 | 0.69211

EURGBP               0.85348 | 0.85165

EURJPY                 122.915 | 122.803

 

For today

  • EUR: With the market pretty quiet until the London session the Euro’s traded around the 1.0520 levels having traded in a very narrow and limited volume day. Topside offers light through to the 1.0580 areas and apart from the brief spike last Friday the 1.0640-60 provides the strongest offers with possible weak stops through the 1.0620 and 1.0660 levels driving the market into congestive offers, downside bids through the 1.0500 areas and then likely to continue to the 1.0480 areas and then congestive from there on any attempt towards the 1.0400 level.
  • GBP: Patchy day with the market struggling for volume through to the grey hours, trading for the most part around the 1.2350 levels to the grey hours. Light offers through the 1.2390-1.2400 areas with stronger congestive offers from there into the stronger 1.2500 levels with stops possible spread over the area, downside bids light through the 1.2300 levels with stronger bids into the 1.2250 areas likely to be stronger on any move through the 1.2200 areas.
  • JPY: Very limited action through on the USDJPY with the market opening around the 116.90 levels and then holding around the 116.90-80 areas through to the grey hours, Topside offers through the 117.00 levels and likely to be strong around the 117.20 with weak stops likely on a push through the level, congestive offers around the 117.50 levels with strong offers around the 118.00. Downside bids light through to the 116.50 areas with light congestive bids around the level running through to stronger bids into 116.00.
  • AUD: The Ozzies are still out until tomorrow which left the market very short of players for the start of the day and even through the Tokyo session limited volume until closer into the European session, The close on Friday was a little exaggerated with a test through the 72 cent level however, the market opened around the 0.7215 areas and more in line with where the market would have been with a fuller market, the market traded for the most part in the 0.7210-15, light offers through the 0.7240 levels and likely to continue through to the 0.7260 level before weak stops appear and those are possibly very light, a push through sees light offers through the 73 cent level and then sentimental levels through to the 74 cent levels. Downside bids into the 72 cent levels and then continuing through to the 0.7150 levels and likely to be strong, weak stops are likely to appear however, stops are likely to be thin on the ground and easily absorbed.

 

Overnight News                                                                  

CNY:

China says won’t allow Hong Kong to be used as a subversive base

Growth in China’s factories, services slows in Dec : Official

USD:

Plane with expelled diplomates leaves the US: Russian media

 

Today’s data

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

08:45     EUR        Italy Manufacturing PMI Dec C 52.3 | P 52.2

08:50     EUR        France Manufacturing PMI Dec (F) C 53.5 | P 53.5

08:55     EUR        Germany Manufacturing PMI Dec (F) C 55.5 | P 55.5

09:00     EUR        Eurozone Manufacturing PMI Dec (F) C 54.9 | P 54.9

 

Weekend News

USD:

The Labour market is on the cusp of full recovery : Yellen

CNY:

China needs to regulate money gates but guard against financial stress: state media

EUR:

Italy Govt. will be able to provide guarantee of banks debt until June 30 2017

TRY:

Turkey moves arms to Syrian border, seeks Trumps backing in war

RUB:

Russian military plane carrying 92, crashes en route to Syria

 

Stay lucky

Andy

 

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LMAX Exchange Market Commentary   AUDUSD   Andy Harrison  

Any opinions, news, research, analyses, prices or other information ("information") contained on this Blog, constitutes marketing communication and it has not been prepared in accordance with legal requirements designed to promote the independence of investment research. Further, the information 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. LMAX Group 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 Group 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 produced information was obtained from sources deemed to be reliable, LMAX Group 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. It is not a place to slander, use unacceptable language or to promote LMAX Group or any other FX 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.