Andy Harrison
Good morning,
LMAX Close
USDJPY 112.71 | EURUSD 1.09992 | AUDUSD 0.74178 | NZDUSD 0.69198 | USDCAD 1.3650 | USDCHF 0.98754 | GBPUSD 1.29814 |
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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 1.10007 | 1.09573
USDJPYÂ Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 112.923 | 112.594
GBPUSDÂ Â Â Â Â Â Â Â Â Â Â Â Â Â 1.29829 | 1.29486
AUDUSDÂ Â Â Â Â Â Â Â Â Â Â Â Â 0.74193 | 0.73862
USDCHFÂ Â Â Â Â Â Â Â Â Â Â Â Â Â 0.99042 | 0.98827
USDCADÂ Â Â Â Â Â Â Â Â Â Â Â Â Â 1.36750 | 1.36439
NZDUSDÂ Â Â Â Â Â Â Â Â Â Â Â Â Â 0.69278 | 0.68883
EURGBPÂ Â Â Â Â Â Â Â Â Â Â Â Â Â 0.84801 | 0.84536
EURCHF Â Â Â Â Â Â Â Â Â Â Â Â Â Â 1.08781 | 1.08503
EURJPYÂ Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 124.175 | 1.23403
For today
- EUR: French election over with the market opened around the 1.1020-10 levels and held around the 1.1010 area until early Tokyo moved in and the market closed the gap on the charts testing to the 1.0990 levels and fully into Tokyo with selling continuing on a move through to the 1.0960 level, the market then held through the session into the grey hour around that low level. Topside offers through the 1.1000 areas remain with possible weak stops on a move through the level however, possible congestion on the topside with particular strength on a test into the 1.1080 level through to 1.1100. Downside bids into the 1.0900 areas are likely to be light unless the option barriers were successful in which case the congestion could be deeper than expected, a push through the 1.0900 areas is likely to open the market for further losses into the 1.0860 areas however, limited data on the day sees the market waiting for the next Brexit remarks.
- GBP: Cable was dragged along with the Euro for the most part pushing towards the 1.2990 levels before slipping back over the Tokyo session to test the 1.2950 levels in slow trading for the Cable with the EURGBP dominating the market. Weak downside bids into the 1.2950 levels with stronger bids likely towards the 1.2910 area, however, we’ve been up down through the level so the level may find sufficient impetus to test to the 1.2850 levels and congestion through that level to support the market. Topside offers into the 1.2990-1.3000 still present and holding with a push through the level opening the range to that of post Brexit referendum areas, with some light resistance into the 1.3050-1.3100 areas before stronger congestion starts to appear in earnest.
- JPY: Pre-market buying in EURJPY saw the USDJPY opening close to the 113.00 areas before drifting off through into the Tokyo session as the Euro drifted as the EURJPY slipped, the USDJPY tested back to the 112.60 areas before finding its feet again and then ranged around the 11280 areas into the grey hour, Topside offers into the 113.00 area with a move through the level possibly seeing a continuation offers before moving into stronger offers around the 113.50 areas, with congestion reappearing through the level on a test towards the 114. Handle. Downside bids light through the 112.50 area and the 112.00 level quickly becoming vulnerable to a test on a break and impetus possibly opening a deeper mover to the stronger 111.50 area.
- AUD: The Oz opened a touch lower as a consequence of the higher USDJPY with the market opening just short of the close on Friday and filling the gap on a move into the Tokyo session, news of a further inquiry into the 4 major Oz banks saw the market slip back through the 74 cent areas before rising slowly to push back through the 74 cent area into the grey hour, The market has slowed a little with what looks to be bids on the moves through the 74 cent level an through down to the 0.7360 level, a push through the 0.7340 areas will likely see stops appearing and a quick move to test the resilience of bids into 73 cent. Topside offers light through to the 0.7440-60 areas with those offers likely to be stronger on a test of the 75 cent areas.
Overnight News                                                                 Â
EUR:
Macron wins the French Presidential election 65.1% vs. Le Pen 34.9%
A third of French voters spoiled there papers
German Army call for searches for all barracks after Nazi memorabilia found
CNY:
April FX reserves turned up for third consecutive month to $3.0295T
AUD:
Australia business activity at decade high in April NAB
Australia to hold new inquiry into Big Four banks
KRW:
N.Korea detains another American citizen KCNA
USD:
Big investors urge Trump to stick with the Paris climate accord
GBP:
UK Consumer spending growth slows in April Visa
USD:
FED’s Williams stands by hike outlook as unemployment declines
Today’s data
Actual = A | Consensus = C | Previous = P | Revised = R All timings GMT
EURÂ Â Â Â Â Â Â Second and Final Round of French Presidential Election
CNYÂ Â Â Â Â Â Â Trade Balance USD Apr A 38.05b | C 35.3B | P 23.9B
CNYÂ Â Â Â Â Â Â Trade Balance CNY Apr A 262B | C 197B | P 164B
AUDÂ Â Â Â Â Â Building Approvals M/M Mar A -13.40% | C -4.00% | P 8.30% | R 8.90%
AUDÂ Â Â Â Â Â NAB Business Confidence Apr A 13 | P 6
JPYÂ Â Â Â Â Â Â Â Consumer Confidence Index Apr A 49.2 | C 44.3 | P 43.9
06:00Â Â Â Â EURÂ Â Â Â Â Â Â German Factory Orders M/M Mar C 0.70% | P 3.40%
08:30Â Â Â Â EURÂ Â Â Â Â Â Â Eurozone Sentix Investor Confidence May C 25.2 | P 23.9
12:15Â Â Â Â CADÂ Â Â Â Â Â Housing Starts Apr C 220.0K | P 253.7K
14:00Â Â Â Â USDÂ Â Â Â Â Â Labour Market Conditions Index Change Apr P 0.4
Weekend News
EUR:
French election started early Sunday
USD/KRW:
N.Korea accuses US CIA and S.Korea of a plot to assassinate Kim Jong Un Korean press
EUR:
Merkel’s CDU beats SPD in German state election exit polls say
Influence of English is fading, says EU Chief Juncker
GBP:
Conservatives extend lead in ORB poll ahead of national election with a 4% increase
JPY/CNY:
Japan, China to boost financial ties amid protectionist, N.Korean tensions
Harry Hindsight
- EUR: Opening around the 1.0980 area the market traded quietly through the Asian session unable to push through the 1.0990 levels but holding for the most part around the opening levels through to the grey hour, light selling through to the NYK session testing to the 1.0960 levels with the market adjusting positions into the weekend the market reacted only slightly to the NFP numbers dipping to test the 1.0950 areas only to rise quickly to the 1.0990 level before rising slowly from the dip back to the 1.0970 level to push up against the 1.1000 level without touching the level, the move to the close was a quiet affair but remaining in touch with the level.
- GBP: The market moved through the Asian session quietly before dropping back from the holding area around 1.2920 to the figure level in a quick move before bouncing and starting a steady rise through the day with the move into the London session testing around the 1.2940 areas on ranging in that area through to the NYK, the opening in the NYK session testing through the 1.2950 levels and continuing in steady buying pushing the market through to just above the 1.2980 levels.
- JPY: Opening around the 112.50 areas the market edged higher into the Tokyo session testing into the 112.65 levels before slipping back with the last day of Golden week the market saw some liquidity issues and the fall back dropped to the 112.10 areas before moving steadily off the lows into the grey hour and pushing steadily higher through the London session recovering the lost ground, the move into the NYK session with the market quickly spiking to the 112.70 areas before dropping back to the 112.40 levels and start the steady rise again, the move through the session attempted to push to the 112.80 levels before running out of steam drifting towards the close before a rally into the closing hour saw the 112.80 tested.
- AUD: The RBA statement saw the market drop off the opening range around the 0.7415 levels falling steadily through to the 0.7385 areas before finding bids sufficient to hold the quiet market, and steadily turn back to the 74 cent areas into the London session, the mover through into NYK saw a minor fluctuation pushing back to the opening levels, the run to the close saw the Oz pushing back through the highs to test a little above the 0.7425 area before slipping a little into the close.
Yesterday’s premiership results
AUDÂ Â Â Â Â Â RBA Statement on Monetary Policy
CHFÂ Â Â Â Â Â Â Foreign Currency Reserves Apr A 696B | P 683B
EURÂ Â Â Â Â Â Â Eurozone Retail PMI Apr A 52.7 | P 49.5
CADÂ Â Â Â Â Â Net Change in Employment Apr A 3.2K | C 20.0K | P 19.4K
CADÂ Â Â Â Â Â Unemployment Rate Apr A 6.50% | C 6.70% | P 6.70%
USDÂ Â Â Â Â Â Change in Non-farm Payrolls Apr A 211K | C 180K | P 98K | R 79K
USDÂ Â Â Â Â Â Unemployment Rate Apr A 4.40% | C 4.60% | P 4.50%
USDÂ Â Â Â Â Â Average Hourly Earnings M/M Apr A 0.30% | C 0.30% | P 0.20% | R 0.10%
CADÂ Â Â Â Â Â Ivey PMI Apr A 62.4 | C 62.3 | P 61.1
Stay lucky
Andy
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