Andy Harrison
Good morning,
LMAX Close
USDJPY 108.592 | EURUSD 1.06124 | AUDUSD 0.75792 | NZDUSD 0.70063 | USDCAD 1.33264 | USDCHF 1.00555 | GBPUSD 1.25253 |
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LMAX Ranges 6am London time
Highs   Lows
EURUSDÂ Â Â Â Â Â Â Â Â Â Â Â Â Â 1.06260 | 1.06028
USDJPYÂ Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 108.816 | 108.135
GBPUSDÂ Â Â Â Â Â Â Â Â Â Â Â Â Â 1.25452 | 1.25271
AUDUSDÂ Â Â Â Â Â Â Â Â Â Â Â Â 0.75937 | 0.75775
USDCHFÂ Â Â Â Â Â Â Â Â Â Â Â Â Â 1.00573 | 1.0040
USDCADÂ Â Â Â Â Â Â Â Â Â Â Â Â Â 1.33224 | 1.32986
NZDUSDÂ Â Â Â Â Â Â Â Â Â Â Â Â Â 0.70325 | 0.70067
EURGBPÂ Â Â Â Â Â Â Â Â Â Â Â Â Â 0.84731 | 0.84633
EURCHF Â Â Â Â Â Â Â Â Â Â Â Â Â Â 1.06698 | 1.06632
EURJPYÂ Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 115.394 | 114.857
For today
- EUR: While volumes were reasonable considering the Easter holiday continues for some, the Euro Opened around the 1.0615 areas and drifted in the early part of the session to test the 1.0604 areas before rising steadily through to the 1.0626 levels through into mid-session before drifting a little as the market moved towards the grey hours, Topside light offers through the 1.0640-60 areas before stronger offers start to appear on a move through to the 1.0700 areas with stronger offers continuing through to the 1.0720 levels and limited congestion into the 1.0750 levels, possible stops on a push through to the 1.0760 levels and stronger stops onwards. Downside bids into the 1.0600 levels likely to be light with weak stops on a dip through the 1.0580 areas and stronger bids likely to hold the market into the 1.0550 areas.
- GBP: A slow rise through the session with the Cable pushing off the 1.2525 lows to the 1.2545 highs into the early Tokyo session, the market then traded in a tight range around the 1.2540 levels drifting a little in the final hour, Topside offers light the 1.2550 areas with weak stops likely on a push through the 1.2600 areas however, stronger offers are likely on a move towards the 1.2630 levels and then some limited congestion on a push higher. Downside bids into the 1.2500 areas are likely to be weak with stops mixed with congestive bids through to the 1.2450 areas and limited bids, better bids into the 1.2400 areas with limited stops expected.
- JPY: The USD continued weakening with nervousness over the N.Korea standoff for the moment, USDJPY made early highs around the 108.80 levels before drifting and making lows not seen since Nov last year, trading down towards the 108.15 level before recovering a little into the grey hours to hold the 108.30 areas. Topside offers into the 109.00 areas likely to be light however, those offers are likely to continue through to the 109.20 areas with the offers likely stronger before weak stops appear on a move the level with limited offers into the 109.50 the market could see a small short squeeze appearing. Downside bids light through to the 108.00 levels with possibly light stops appearing on a move through the level before some stronger bids start to appear on a move through to the 107.60 areas and likely importer bids to appear to take advantage of the situation.
- AUD: A slow climb higher from the opening having dipped to the 0.7575 areas, the move was limited with the market testing towards the 0.7595 areas repeatedly before holding just below the 0.7590 level to the grey hour, offers into the 76 cent levels are likely to be mixed at best however, with London and most of Europe still away for the day the market is likely to continue to be quiet, some weak stops through the level is a possibility before the market moves through into the congestive ranges from last month, Downside bids light through to the 0.7560 areas with light stops on a move through the 0.7540 areas before the market strengthens as bids appear on any move towards the 75 cent levels.
Overnight News                                                                 Â
USD:
Pence, repeats all options are on the table on N.Korea
Pence, heartened by early signs China may help on N.Korea
Pence, says bond between S.Korea US is personal
Pence, comments to reporters after visiting Korean DMZ
JPY:
Sakakibara says US FX report doesn’t affect Japan “that muchâ€
CNY:
China Q1 GDP Grows 6.9% YoY better than expectations
Q1 Growth on building boom, but debt risks loom
Today’s data
Actual = A | Consensus = C | Previous = P | Revised = R All timings GMT
CNYÂ Â Â Â Â Â Â GDP Y/Y Q1 A 6.90% | C 6.80% | P 6.80%
CNYÂ Â Â Â Â Â Â Retail Sales YTD Y/Y Mar A 10.90% | P 9.50%
CNYÂ Â Â Â Â Â Â Fixed Assets Ex Rural YTD Y/Y Mar A 9.20% | C 8.80% | P 8.90%
CNYÂ Â Â Â Â Â Â Industrial Production YTD Y/Y Mar A 7.60% | C 6.20% | P 6.30%
12:30Â Â Â Â USDÂ Â Â Â Â Â Empire State Manufacturing Apr C 15.5 | P 16.4
14:00Â Â Â Â USDÂ Â Â Â Â Â NAHB Housing Market Index Apr C 70 | P 71
20:00Â Â Â Â USDÂ Â Â Â Â Â Net Long-term TIC Flows Feb P $6.3B
Weekend News
USD/KRW:
Allies weigh options after N.Koreas Missile test Trump adviser
EUR:
Far left Melenchon draws big crowd as French election enter final straight
TRY:
Turkeys Erdogan declares referendum victory, granting him sweeping powers
USD/RUB:
Trump aide McMaster Time for tough talks with Russia
Harry Hindsight
- EUR: As you’d expect for a good Friday the market remained quiet through the day with the range topping at the 1.0630 levels and finding support through to the 1.0605 area through the day, some movement around geopolitical news but it was limited with NYK seeing the highs.
- GBP: Cable moved through the day quietly rising from the opening 1.2505 levels to hold around the 1.2510-15 through into the NYK session, early lows towards the 1.2500 levels seemed capable of holding the level before moving into the closed NYK session with quick buyers taking the market to make the highs around the 1.2335 level and the market then ranged around the 1.2530 to the close.
- JPY: USDJPY opened around the 109.10 levels and made highs just beyond the 109.20 levels before moving into the London session drifting down to the 108.90 areas and holding that level through into the NYK session and dipping for the final time to trade around the 108.60 levels through to the close.
- AUD: The Oz had an even tighter range with the market testing through to the 0.7555 areas before recovering and trading around the opening levels through to the London session, the move through to the NYK session saw the market again rising and the market ranged in the 0.7570-0.7585 levels through to the close.
Yesterday’s premiership results
JPYÂ Â Â Â Â Â Â Â Industrial Production M/M Feb (F) A 3.20% | C 2.00% | P 2.00%
USDÂ Â Â Â Â Â CPI M/M Mar A -0.30% | C 0.00% | P 0.10%
USDÂ Â Â Â Â Â CPI Y/Y Mar A 2.40% | C 2.60% | P 2.70%
USDÂ Â Â Â Â Â CPI Core M/M Mar A -0.10% | C 0.20% | P 0.20%
USDÂ Â Â Â Â Â CPI Core Y/Y Mar A 2.00% | C 2.30% | P 2.20%
USDÂ Â Â Â Â Â Advance Retail Sales Mar A -0.20% | C -0.10% | P 0.10% | R -0.30%
USDÂ Â Â Â Â Â Retail Sales Less Autos Mar A 0.00% | C 0.10% | P 0.20% | R 0.00%
USDÂ Â Â Â Â Â Business Inventories Feb A 0.30% | C 0.30% | P 0.30%
Stay lucky
Andy
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