Andy Harrison
Good morning,
LMAX Close
USDJPY 113.261 | EURUSD 1.13513 | AUDUSD 0.76037 | NZDUSD 0.72812 | USDCAD 1.29569 | USDCHF 0.96402 | GBPUSD 1.29336 |
LMAX Highs and Lows 5am GMT
                               High | Low
EURUSDÂ Â Â Â Â Â Â Â Â Â Â Â Â Â 1.13550 | 1.1330
USDJPYÂ Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 113.309 | 112.887
GBPUSDÂ Â Â Â Â Â Â Â Â Â Â Â Â Â 1.29438 | 1.29199
USDCHFÂ Â Â Â Â Â Â Â Â Â Â Â Â Â 0.96561 | 0.96381
AUDUSDÂ Â Â Â Â Â Â Â Â Â Â Â Â 0.76111 | 0.75858
USDCADÂ Â Â Â Â Â Â Â Â Â Â Â Â Â 1.29832 | 1.29559
NZDUSDÂ Â Â Â Â Â Â Â Â Â Â Â Â Â 0.72923 | 0.7264
EURCHFÂ Â Â Â Â Â Â Â Â Â Â Â Â Â Â 1.09451 | 1.09392
EURGBPÂ Â Â Â Â Â Â Â Â Â Â Â Â Â 0.87780 | 0.8761
EURJPYÂ Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 128.490 | 127.998
For today
- EUR: A quiet drift from the early 1.1355 level to test through to the 1.1330 area, having hit the lows the market held through to the grey hours just off those lows in very limited movement, Topside offers through the 1.1370 levels and likely to the 1.1400 areas with weak stops likely to be light with congestion continuing through to the 1.1440 areas and stronger offers through to the 1.1450 areas, possible strong stops make an appearance on the move through with offers then appearing into the 1.1480 levels and into the 1.1500 level. Downside bids light through to the 1.1300 areas with congestion likely to slow a move lower into the 1.1275 areas and stops on a move through the level with congestive bids likely through to the 1.1200 areas and stronger bids.
- GBP: Very quiet for the Cable with the market testing towards the 1.2940 levels in early trading before moving into the Tokyo session to drift to the lows around the 1.2920, the market recovered into the midsession testing above the previous high but struggling for direction. Topside offers into the 1.2950 levels likely to be light with stronger offers running to the 1.3000 level possible weak stops however, stronger offers are likely to move in through to the 1.3050 with possibly very strong offers before possibly strong stops appear with the market opening to sentimental levels only through to 1.3200. Downside bids light into the 1.2900 areas with limited bids likely through to the 1.2850 areas with congestion limited and stronger bids likely into 1.2800 areas.
- JPY: Opening around the 113.30 levels the market dipped back into the Tokyo session before attempting to push the level again however, it was short lived before the market dropped again to test the 113.00 level and while volumes were ok the range would not suggest it with the market bouncing off the 112.90 levels and then holding around the 113.00 level through to the grey hour. Topside offers into the 113.70 levels sees those offers continuing into the 114.00 area before limited weakness appears with strong offers likely to reappear as the market moves towards the 114.40 level, a push through the level will likely see a quick move to the 114.80 areas and sentimental offers appearing, Downside bids light through to the 112.50 areas with limited congestion through the level and possibly weak stops appearing, a push to the 112.00 areas are likely to find stronger bids appearing with those bids likely to run to the 111.80 areas, strong stops likely through that level with possible decent bids into the 111.50 level.
- AUD: Very tight with the market moving around the 76 cent levels having opened around the 0.7605 area and drifting back to the 0.7585 levels before returning quietly to the 0.7600 areas, Topside offers light through the 0.7630 level with some weak stops on a move through the level with congestion then appearing above the 0.7650 areas and better offers into the 77 cent level, a push through will likely see the offers increasing as the moves towards the 0.7750 areas with very little sign of stops until above the 0.7780 areas. Downside bids light through to the 0.7580 areas with some limited bids before weak stops appear, the market still sees congestion down through the 75 cent level with possibly stronger bids in that area.
Overnight News                                                                 Â
USD/KRW:
US tells N.Korea it is prepared to go to war – WSJ
Pyongyang claims breakthrough toward ability to attack US – WSJ
Washington seeks to further isolate N. Korea WSJ
US prepared to use force on N. Korea if we must UN envoy
JPY:
Political blow for Abe see’s investors smell risk of stronger Yen
AUD:
RBA’s Harper says plenty of evidence not to rush rate hikes.
CNY:
China to keep prudent, neutral monetary policy in 2017 PboC
EUR:
Googles fine said to be only the start as EU probe progresses
USD/GBP:
Britain’s May to hold talks with Trump at G20
EUR/JPY:
EU and Japan near record trade deal as political accord reached
USD:
Fed members remain divided on inflation risk
Today’s data
Actual = A | Consensus = C | Previous = P | Revised = R All timings GMT
AUDÂ Â Â Â Â Â Trade Balance (AUD) May A 2.47B | C 1.11B | P 0.56B | R 0.09B
06:00Â Â Â EURÂ Â Â Â Â German Factory Orders M/M May C 1.80% | P -2.10%
07:15Â Â Â CHFÂ Â Â Â Â Â CPI M/M Jun C 0.00% | P 0.20%
07:15Â Â Â CHFÂ Â Â Â Â Â CPI Y/Y Jun C 0.30% | P 0.50%
08:10Â Â Â EURÂ Â Â Â Â Â Eurozone Retail PMI Jun P 52
11:30Â Â Â USDÂ Â Â Â Â Â Challenger Job Cuts Y/Y Jun P 9.70%
11:30Â Â Â EURÂ Â Â Â Â Â ECB Monetary Policy Meeting Accounts
12:15Â Â Â USDÂ Â Â Â Â Â ADP Employment Change Jun C 180K | P 253K
12:30Â Â Â CADÂ Â Â Â Â Â Building Permits M/M May P -0.20%
12:30Â Â Â CADÂ Â Â Â Â Â International Merchandise Trade (CAD) May P -0.4B
12:30Â Â Â USDÂ Â Â Â Â Â Trade Balance May C -46.3B | P -47.6B
12:30Â Â Â USDÂ Â Â Â Â Â Initial Jobless Claims (JUL 01) C 243K | P 244K
14:00Â Â Â USDÂ Â Â Â Â Â ISM Services/Non-Manufacturing Composite Jun C 56.5 | P 56.9
15:00Â Â Â USDÂ Â Â Â Â Â Crude Oil Inventories P 0.1M
Harry Hindsight
- EUR: Limited gains through the Asian session saw the market rising from the 1.1345 opening areas to test towards the 1.1370 level before slipping back to the 1.1350 areas into the grey hour, early buyers again tested the topside however, although the Eurozone numbers and individual numbers were ok the market slipped back once those numbers were viewed dropping steadily from above the 1.1365 level to test to the 1.1310 level in a steady movement through the day, the move into the NYK session saw the market pushing slowly higher again to finish the day only just in the positive.
- GBP: As with the Euro the GBP rose a little in early Tokyo testing to the 1.2950 areas before running out of steam and slipping slowly through to the grey hour to push through the opening levels and hold the 1.2915 area, early buyers saw limited success before the market again started to slip lower to test through the 1.2900 areas then basing along the 1.2905 areas through to the NYK session seeing a limited rise back through to the 1.2935 area, FOMC was a none event with very little with the focus on the balance sheet rather than inflation.
- JPY: moving from the opening levels around the 113.30 areas dropping quickly as early Tokyo traders moved into the market taking the market back to the 113.00 level before drifting through to the 112.80 areas into the official Tokyo market, midsession saw the market moving slowly but steadily back to the opening levels into the grey hour and London squeezed the market through above the 113.50 areas testing to the 113.70 levels the market moved through into the NYK session holding above the 113.50 areas, a dip in factory orders with the USDJPY dropping back to the 113.10 levels and then moving quietly through to the FOMC release, even though the release was fairly non plus the USDJPY dipped quickly below the 113.and then back to the 113.50 areas before holding back to the opening levels.
- AUD: The Oz had a quiet day through the Asian session rising slowly through into the Tokyo session to push towards the 0.7625 levels before holding around the 0.7615 into the grey hour, London attempted to push the market higher however, it was a weak push and the market failed just above the 0.7630 level and started a slow decline through to the NYK session pushing to the 0.7570 areas before finding limited buying to see the market moving back to the opening levels around the 76 cent area.
Yesterday’s premiership results
GBPÂ Â Â Â Â Â BRC Shop Price Index Y/Y Jun A -0.30% | P -0.40%
CNYÂ Â Â Â Â Â Caixin PMI Services Jun A 51.6 | C 52.9 | P 52.8
EURÂ Â Â Â Â Â Italy Services PMI Jun A 53.6 | C 54.6 | P 55.1
EURÂ Â Â Â Â Â France Services PMI Jun (F) A 56.9 | C 55.3 | P 55.3
EURÂ Â Â Â Â Â Germany Services PMI Jun (F) A 54 | C 53.7 | P 53.7
EURÂ Â Â Â Â Â Eurozone Services PMI Jun (F) A 55.4 | C 54.7 | P 54.7
GBPÂ Â Â Â Â Â Services PMI Jun A 53.4 | C 53.5 | P 53.8
EURÂ Â Â Â Â Â Eurozone Retail Sales M/M May A 0.40% | C 0.30% | P 0.10%
USDÂ Â Â Â Â Â Factory Orders May A -0.80% | C -0.50% | P -0.20% | R -0.30%
USDÂ Â Â Â Â Â FOMC Meeting Minutes
Good Luck,
Andy
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