Andy Harrison
Good morning,
LMAX Close
USDJPY 112.70 | EURUSD 1.07645 | AUDUSD 0.75819 | NZDUSD 0.72143 | USDCAD 1.3238 | USDCHF 0.99661 | GBPUSD 1.2536 |
LMAX Highs and Lows 6am GMT
                               High | Low
EURUSDÂ Â Â Â Â Â Â Â Â Â Â Â Â Â 1.07737 | 1.07453
USDJPYÂ Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 113.136 | 112.518
GBPUSDÂ Â Â Â Â Â Â Â Â Â Â Â Â Â 1.25478 | 1.25028
USDCHFÂ Â Â Â Â Â Â Â Â Â Â Â Â Â 0.99861 | 0.9962
AUDUSDÂ Â Â Â Â Â Â Â Â Â Â Â Â 0.76090 | 0.7568
USDCADÂ Â Â Â Â Â Â Â Â Â Â Â Â Â 1.32432 | 1.32133
NZDUSDÂ Â Â Â Â Â Â Â Â Â Â Â Â Â 0.72656 | 0.72274
EURCHFÂ Â Â Â Â Â Â Â Â Â Â Â Â Â Â 1.07328 | 1.07246
EURGBPÂ Â Â Â Â Â Â Â Â Â Â Â Â Â 0.85993 | 0.85812
EURJPYÂ Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 121.601 | 121.178
For Today
EUR: The opening saw the market testing the 1.0770 levels before drifting into the Tokyo session with the market moving to the 1.0750 area as the Tokyo sellers pushed back and the range was set, the market ranged through the session moving into the grey hours pressing the 1.0750 levels with little direction for the day, PMI numbers across the European area is likely to hold the key to any movements today, Topside offers into the 1.0770-1.0800 levels with possible weak stops on a move through the 1.0810-20 levels and the market likely to find stronger congestion into the 1.0850-1.0900 levels, downside bids light through the 1.0720-00 areas with weak stops likely to figure on a move through the 1.0680 areas before stronger congestive bids appear down through the 1.0660-00 levels.
GBP: Very limited day for Cable with the market opening around the 1.2540 levels and drifting between the 1.2540 level and the 1.2520 areas until deep in the session with the market moving towards the grey hours to test the 1.2500 level, Topside offers through the 1.2550 levels is likely to see weak stops appearing on a move through the level however, this is likely to be dependent on the Supreme court’s decision later in the day, light congestion through the level is possibly unlikely to slow the move to the 1.2600 areas where better offers are likely to appear, with offers likely run towards the 1.2650 areas. Downside bids congested through the 1.2400 levels with better bids into that level stops likely to be weak through the level and then another strong 1.2350 areas likely to slow the downside move.
JPY: Opening just off the lows the market based along the 112.60 areas through the session making a push into the Tokyo session to the 113.15 areas before reversing, the market again was unable to push through the 112.60 with any conviction and the push higher was shallower before ranging in the 112.80-113.00 levels through to the grey hours. Light offers into the 113.80-114.00 areas with limited offers through the level possibly soaking up weak stops before congestive offers around the 114.50 and strong offer possibly towards the 115.00, Downside bids into the 112.50 levels and likely to increase through the 112.00 level with stops appearing on a move through the 111.80 levels and a possible spike lower towards the 110 handle.
AUD: Early Sydney were steady buyers from the opening pushing through the 76 cent level if only slightly before drifting into the Tokyo session almost unchanged from the opening, once the Tokyo fix was over the market again started a rise from the 0.7575 level and this time the market managed to push towards the 0.7610 level before stopping and slowly sliding through the balance of the session to run along the 0.7570 areas to the grey hours. Topside offers through the 76 cent level with possible weak stops on the move through 0.7620 areas however, the offers quickly move in around the 0.7650 areas with limited congestion through the 0.7660 into 77 cents. Downside bids light through the 0.7550 areas and the bids likely to increase on a move to the 0.7520-00 areas and light congestion beyond, a break towards the 0.7450 areas could likely see stops appearing on dips through the 0.7440 areas.
Overnight News
USD:
Mnuchin: ‘Excessively Strong’ Dollar May Have Negative Impact
USD/CNY:
Mnuchin Says Would Assess Damage from China FX Intervention
JPY/USD:
Abe: Want to Continue to Seek Trump’s Understanding on TPP
Aso: Japan Will Work to Persuade U.S. of TPP’s Importance
Japan Trade Min. Seko Says Will Keep Advocating TPP to Trump
JPY:
Japan Union Chief: Will Work to Keep Wages Rising This Year
Nikkei Japan Jan. Flash Manufacturing PMI 52.8 vs 52.4 in Dec.
CNY:
China Doesn’t Restrict Foreign Companies’ Profit Remittance
China Said to Plan Steps to Cut Local Influence on Economic Data
China Jan. New Loans May Hit Record High: Securities Journal
China Should Take Over Free-Trade Baton, Researcher Says: Daily
NZD:
New Zealand Services Industry Grows at Fastest Pace in 13 Months
New Zealand Govt. to Lift Minimum Wage by NZ50c to NZ$15.75/Hr
NZD/USD:
English Says New Zealand Will Seek Trade Meeting With U.S.
N.Z. Trade Minister Says TPP Still Has Value Without U.S.
AUD:
Australia Average Daily FX Market Turnover $126.6b in Oct: RBA
AUD/USD:
Australia’s Turnbull Says TPP Could Proceed without the U.S.
Today’s data
Actual = A | Consensus = C | Previous = P | Revised = R All timings GMT
JPYÂ Â Â Â Â Â Â Â PMI Manufacturing Jan (P) A 52.8 | C 52.3 | P 52.4
08:00Â Â Â Â EURÂ Â Â Â Â Â Â France Manufacturing PMI Jan (P) C 53.4 | P 53.5
08:00Â Â Â Â EURÂ Â Â Â Â Â Â France Services PMI Jan (P) C 53.1 | P 52.9
08:30Â Â Â Â EURÂ Â Â Â Â Â Â Germany Manufacturing PMI Jan (P) C 55.4 | P 55.6
08:30Â Â Â Â EURÂ Â Â Â Â Â Â Germany Services PMI Jan (P) C 54.5 | P 54.3
09:00Â Â Â Â EURÂ Â Â Â Â Â Â Eurozone Manufacturing PMI Jan (P) C 54.8 | P 54.9
09:00Â Â Â Â EURÂ Â Â Â Â Â Â Eurozone Services PMI Jan (P) C 53.9 | P 53.7
09:30Â Â Â Â GBPÂ Â Â Â Â Â Public Sector Net Borrowing (GBP) Dec C 6.7B | P 12.2B
15:00Â Â Â Â USDÂ Â Â Â Â Â Existing Home Sales Dec C 5.54M | P 5.61M
Harry Hindsight
- EUR: From the opening the market moved steadily higher through to the 1.0750 levels from the 1.0700 areas before holding in a tight range through to the London session, the market ranged through the session into NYK testing the 1.0730 areas and dipped through to the 1.0710 levels into the new session and again when the Eurozone consumer confidence numbers hit however, once London had closed the Euro recovered its meagre gains and these through to a quick rally into the closing period to finish around the 1.0760 areas.
- GBP: Nothing quick and a steady climb throughout the day, the market opened around the 12380 areas and moved into the Tokyo session testing the 1.2400 levels pushing through on the first attempt and running to the 1.2440 areas before holding the levels and ranging in the 1.2440-60 levels through the London session, NYK session saw the slow rise continuing and the market slowly pushing to just below the 1.2500 breaking the level in the run to the close and finishing just below the 1.2540 level. Suggestions that the rally was limited if that could be said only by Tuesdays Supreme Court judgement.
- JPY: The USD decline continued into the new week with the market dipping from the 114.40 areas opening and falling back to the 113.90 areas in the first hour, the market drifted through the Tokyo session pushing into the grey hours having touched the 113.50 areas, grey hour selling saw the market testing the 113.20 areas, from then into the NYK session the market ranged around the 113.40-60 areas before the fresh input from NYK saw the market push quickly back to the 114.00 levels before dropping back just as quick and breaking through to the 113.00 levels, the market struggled to bounce back and held around the 113.00 levels almost to the close before dipping one last time to the 112.80 areas.
- AUD: A limited range through the day with the 0.7570 areas being the centre for the most part, opening around the 0.7560 levels the market slowly rose to test the 0.7580 areas into the Tokyo session before basing along the 0.7550 into the London session, and while the range was a little greater through the NYK session topping towards the 0.7590 levels the market was unable to break the downside and held into the NYK close to the highs.
Yesterday’s premiership results
JPYÂ Â Â Â Â Â Â Â All Industry Activity Index M/M Nov A 0.30% | C 0.40% | P 0.20% | R 0.00%
CADÂ Â Â Â Â Â Wholesale Sales M/M Nov A 0.20% | C 0.60% | P 1.10% | R 1.30%
EURÂ Â Â Â Â Â Eurozone Consumer Confidence Jan (A) A -5 | C -4.8 | P -5.1
Good Luck,
Andy
Any opinions, news, research, analyses, prices or other information contained on this Blog, whether by LMAX, its employees, partners or contributors, does not constitute investment advice nor has it been prepared in accordance with legal requirements designed to promote the independence of investment research. Further, the material 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. Whilst information provided on this Blog may help with your investment research you must consider carefully whether you should make (or refrain from making) investment or other decisions based on what you see without doing further research on the investments you are interested in. Participating in this Blog cannot be a substitute for obtaining advice from an appropriate expert independent adviser who takes into account your circumstances and specific investment needs in selected investments that are appropriate for you. LMAX 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 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 material produced in this Blog was obtained from sources deemed to be reliable, LMAX 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.
If you currently hold an account with LMAX for the purposes of trading FX and CFD’s, you are encouraged to use a different Username and Password to access the Blog or any other online systems. The Blog is a place to learn, discuss and share information and ideas with Blog followers. It is not a place to slander, use unacceptable language or to promote LMAX or any other FX, Spread Betting 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.