USDJPY 111.192 | EURUSD 1.13276 | AUDUSD 0.70956 | NZDUSD 0.68471 | USDCAD 1.33012 | USDCHF 1.0038 | GBPUSD 1.33382 |
LMAX highs and Lows 06.00 GMT
Highs | Lows
EURUSD 1.13379 | 1.13175
USDJPY 111.628 | 111.147
GBPUSD 1.33349 | 1.32395
USDCHF 1.00459 | 1.00297
AUDUSD 0.70978 | 0.70588
USDCAD 1.33151 | 1.32876
NZDUSD 0.68652 | 0.68352
EURCHF 1.13727 | 1.13639
EURGBP 0.85503 | 0.85062
EURJPY 126.417 | 125.94
- GBP: Opening a touch lower the market slowly drifted through the session pushing through the 1.3300 in early trading before Tokyo and then holding briefly into the new session, the pause was brief before again slowly pushing through to just below the 1.3250 levels and holding through to the grey hours, Topside offers thin through to the 1.3380-1.3400 level with congestion likely to appear on a move through the level and possibly absorbing what stops there are until the 1.3430-50 level where weakness is likely to reappear and stronger stops appearing for a push to the weak 1.3500 areas and sentimental values only. Downside bids very weak and really nothing special until the market moves back onto the 1.3000 level after 48hrs of moves higher and lower, weak congestion through to that level if the market moves back onto that handle, with congestion likely to continue through to slightly stronger bids into the 1.2950-1.2900 areas.
- JPY: Moving off the 111.20 level the market made initial advances towards the 111.30 areas before drifting back to the starting levels for the move into Tokyo and buyers appearing through the session pushing in steps through to the 111.60 level before ranging in the 111.50-60 areas through to the grey hours, Topside offers into the 111.80-112.20 level however, given the amount of time the market has failed the level one has to suspect stops appearing in size through the level and the market opening quickly through to sentimental offers only around the 112.50 areas and only limited offers through to the stronger 113.00-30 area. Downside bids light through to the 111.00 area with some congestion however, stronger congestion is likely to appear on any dip through the level and continue through to the 110.50 levels with limited stops likely to be absorbed, even if the market breaches the 110.50 level the 110.00 area is likely to be even tougher to push cleanly through.
- AUD: Holding around yesterdays highs the market started to tip over as it moved towards Tokyo with several articles not helping the Oz, falling through the session the market stalled initially around the 0.7070 area but the CNY numbers gave little respite and the market again slipped lower and back to the 0.7060 levels, downside bids into the 70 cents level and possibly just through the level before weak stops appear however, congestion is possibly all the way down to the 0.6950 levels and strong in that area with only limited weakness on any further pushes to wards 69 cent, topside offer light through to the 71 cent level and while there may be some resistance that resistance is still building and a push through the 0.7120 level will see the congestion swept away to open the market to a slow grind higher and stronger offers through 0.7150.
- EUR: Early buyers pushed a little higher as the market again adjusts to the level of GBP, the Euro tested close to the 1.1340 levels before the drag of the falling Cable started a slow drift through the session to the 1.1320 before holding through to the grey hours, Topside congestion through the 1.1340-60 area with the market then opening to stronger offers into the 1.1380-1.1420 area with weak stops on a move through the level however, congestion is likely to be still present and limiting any rush through to the stronger 1.1480-1.1500 level. downside bids congested a little around the 1.1300 levels however, weak stops on a move below the 1.1280 level and the market again opening to the 1.1200-1.1180 areas with strong bids likely in the area, any push through the level is likely to see continuing congestion through to the 1.1150 levels before any weakness truly appears.
Parliament votes in favour of amended motion on no deal
Votes to rule out no deal Brexit both of which are non-binding
PM May: Reiterates that, despite this vote the legal default position remains that the UK will leave the EU without deal unless something is agreed
Without finding a consensus on a deal in the coming days there will need to be longer extension of Article 50
Govt. will propose a short extension if a deal is passed by 20th March
PM May’s gamble has backfired – Her MPs would sooner extend Brexit than accept her awful deal
EU’s Moscovici: EU states must prepare customs for hard Brexit
Moscovici: Hard Brexit risk has substantially increased
Moscovici: There won’t be new negotiations by Mar 29th
Moscovici: Eu did everything it could for Brexit deal
Mitteldeutsche Zeitung: Theresa May is a lame duck – DPA
Michael Barnier advocates tough EU line on Brexit delay – FT
States face billion AUD native title compensation bill after high court – AFR
Australians start to worry about their jobs as business, consumer confidence drops
Australian RMBS arrears to remain elevated in 2019 – BFW
Rate cut during election on the cards – AFR
Taiwan is said to court bank to loosen China diplomatic squeeze
Japan inflation barometer points to zero price growth by summer – BBG
Japanese bought net 245.7B Yen overseas debt last week – BBG
Ex-National economic council head Cohn, US desperate to sign trade deal with China
Weaker China data
Actual – A | Consensus – C | Previous – P | Revised R | all timings GMT/UTC
AUD Consumer Inflation Expectation Mar A 4.10% | P 3.70%
GBP RICS House Price Balance Feb A -28% | C -24% | P -22%
CNY Fixed Assets Ex Rural YTD Y/Y Feb A 6.10% | C 6.00% | P 5.90%
CNY Industrial Production YTD Y/Y Feb A 5.30% | C 5.50% | P 6.20%
CNY Retail Sales YTD Y/Y Feb A 8.20% | C 8.10% | P 9.00%
06:45 CHF SECO Economic Forecasts
07:00 EUR German CPI M/M Feb (F) C 0.50% | P 0.50%
07:00 EUR German CPI Y/Y Feb (F) C 1.60% | P 1.60%
07:30 CHF Producer & Import Prices M/M Feb C -0.10% | P -0.70%
07:30 CHF Producer & Import Prices Y/Y Feb C -1.00% | P -0.50%
12:30 CAD New Housing Price Index M/M Jan C 0.00% | P 0.00%
12:30 USD Import Price Index M/M Feb C 0.30% | P -0.50%
12:30 USD Initial Jobless Claims (MAR 09) C 225K | P 223K
14:00 USD New Home Sales M/M Jan C 0.30% | P 3.70%
14:00 USD New Home Sales Jan C 623K | P 621K
14:30 USD Natural Gas Storage P -149B
- GBP: Opening around the 1.3060 areas and a slow rise through the first hour before dipping back for the move into the Tokyo session, Tokyo slowly took the market through to the 1.3090 areas and the market moved quietly through to the grey hours, the move through to the London session saw the 1.3100 level breaking with minor stops triggering a spike to the 1.3120 level before restarting the rally again from the figure level and slowly pushing through to the 1.3100 levels, a slow grind through the day as the market awaited the next vote and no surprise’s really with each avenue blocked and while the possibility of an extension to the Brexit period both votes today were not legally binding however, the market stalled through to the end of the London session holding around the 1.3200 level and the vote results then helping the market to again run quickly higher to trigger weak stops on a move through the 1.3350 level and a spike through to the 1.3380 areas before dipping a little to the close.
- JPY: A very quiet session through the day with the market for the most part trading around the 111.30 levels, early trading saw the market just slightly higher from that level trading through into Tokyo holding around the 111.30 levels before dipping into early Tokyo through to the 111.15 area before reversing and slowly moving back to the 111.30 level and basing on that level through deep into London before rising to the highs for the day and testing the 111.45 areas, NYK saw a slow drift lower and the movement of GBP saw the GBPJPY profit taking forcing the USDJPY back through the lows of the day to test towards the 111.00 area before slowly recovering after the results of UK votes and the market pushing back to the 111.20.
- AUD: Opening around the 0.7085 level the market slipped slowly lower into the release of the confidence numbers and then dropped quickly through the 0.7060 level on weaker numbers, the market initially bounced to the 0.7070 level and again slipped lower through to the 0.7050 level and based along that level through into the grey hours, London slowly bought the Oz and managed to push again to the 0.7070 area however, the initial push failed and the market then held in a narrow range through deep into the NYK session before attempting the topside again, the market continued pushing to the 0.7090 areas stalling for a brief period before pushing steadily through to the 0.7098 areas for the run to the close.
- EUR: lifting from the 1.1285 area the market found limited offers into the 1.1290 areas and unable to push through the level deep into the day, drifting off back to the opening levels the market dropped on the London session to make the lows just through the 1.1280 area before rallying through to the 1.1295 area and a slow rising range through to the NYK session, the move through to the UK votes saw the market holding around the 1.1310 level before rising through to the 1.1330 and ranging around the level through to the close.
Yesterday’s Premiership results
AUD Westpac Consumer Confidence Mar A -4.80% | P 4.30%
JPY Domestic CGPI Y/Y Feb A 0.80% | C 0.70% | P 0.60%
JPY Machine Orders M/M Jan A -5.40% | C -1.50% | P -0.10%
JPY Tertiary Industry Index M/M Jan A 0.40% | C -0.30% | P -0.30% | R -0.50%
EUR Eurozone Industrial Production M/M Jan A 1.40% | C 1.00% | P -0.90%
USD PPI M/M Feb A 0.10% | C 0.20% | P -0.10%
USD PPI Y/Y Feb A 1.90% | C 1.90% | P 2.00%
USD PPI Core M/M Feb A 0.10% | C 0.20% | P 0.30%
USD PPI Core Y/Y Feb A 2.50% | C 2.60% | P 2.60%
USD Durable Goods Orders Jan (P) A 0.40% | C -0.50% | P 1.20% | R 1.30%
USD Durables Ex Transportation Jan (P) A -0.10% | C 0.10% | P 0.10% | R 0.30%
USD Construction Spending M/M Jan A 1.30% | C 0.40% | P -0.60% | R -0.80%
USD Crude Oil Inventories A -3.9M | C 2.7M | P 7.1M
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