Andy Harrison
Good Morning,
LMAX Close
USDJPY 111.939 | EURUSD 1.12571 | AUDUSD 0.71353 | NZDUSD 0.66734 | USDCAD 1.33483 | USDCHF 1.01536 | GBPUSD 1.29816 |
LMAX highs and Lows 05.00 GMT
                               Highs | Lows
EURUSDÂ Â Â Â Â Â Â Â Â Â Â Â Â Â 1.12606 | 1.12444
USDJPY Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 111.981 | 111.65
GBPUSDÂ Â Â Â Â Â Â Â Â Â Â Â Â Â 1.29904 | 1.29752
USDCHFÂ Â Â Â Â Â Â Â Â Â Â Â Â Â 1.01642 | 1.01537
AUDUSDÂ Â Â Â Â Â Â Â Â Â Â Â Â 0.71397 | 0.71222
USDCADÂ Â Â Â Â Â Â Â Â Â Â Â Â Â 1.33675 | 1.33444
NZDUSDÂ Â Â Â Â Â Â Â Â Â Â Â Â Â 0.66841 | 0.66714
EURCHFÂ Â Â Â Â Â Â Â Â Â Â Â Â Â Â 1.14348 | 1.1427
EURGBPÂ Â Â Â Â Â Â Â Â Â Â Â Â Â 0.86745 | 0.86609
EURJPY Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 126.059 | 125.582
For Today
- GBP: Opening around the 1.2980 levels the market held quietly through into the Tokyo session before dipping through to the 1.2975 area and then forcing its way steadily through to the 1.2990 level on a long grind holding through to the grey hour and a full day of trading to be had. One word of caution in the news items is a full cabinet meeting without any reference to the agenda, Topside light congestion through the 1.3000 level and sentimental offers only through to the 1.3100 area, stronger congestion increasing into the 1.3140 levels and likely to increase on any push above the 1.3150 level with limited potential for a break through the 1.3200 areas, with stronger offers remaining above the level. downside bids cleared through to the 1.3050 areas with congestion increasing into the 1.2980 level with stronger bids not really expected until closer to the 1.2900 levels and strong stops on a break through the 1.2880 level.
- JPY: Opening almost unchanged to the end of last week saw the market move into the Tokyo session rising to the 111.98 areas before dropping quickly as Maeda spoke on the subject of further easing which seems to be mooted but not immediate, the market found a base and bounced off the 111.65 levels returning to the 111.85 over the course of the session into the grey hour, Topside offers remain on any push through to the 112.20 with possible weak stops through the level before further offers around the 1.1250 level absorb the move and slow the market on any push to the 1.1300 level, while there maybe stops on a break the market is likely to see stronger congestion through the level continuing through to the 1.1400 areas, downside bids light through to the 111.00 area with congestion in the area and through to the 110.50 level before any weakness appears and the 110.00 becomes susceptible to a test with strong congestion on any dips.
- AUD: Oz rose slowly from the opening level around the 0.7135 area and pushed to the 0.7140 level before the commentary in Japan saw limited AUDJPY selling dominating the Oz and a dip to test towards the 0.7120 level only to hold in a narrow range just above the level through into the grey hour, Topside offers through to the 0.7200-20 area before weak stops are likely to appear and the market seeing limited congestion on a move through to the 0.7250 areas limited congestion through to 0.7280 where the offers are likely to appear on any break through the 73cents area and increase on a move through to the 0.7350 areas. Downside bids likely to be congestive around the 71 cents level but limited withy better bids appearing closer to the 0.7000-20 areas increasing in size the low you go in that area, stronger stops possible on a break through the 0.6980-70 areas before congestion moves in around the 0.6950 areas.
- EUR: Moving lightly from the opening around the mid 1.1250 areas saw the market pushing at the 1.1260 level testing the levels through into the Tokyo session before EURJPY sellers pushed the Euro down to the 1.1245 level with the market only managing to retest the 1.1255 area before moving into the grey hour quietly, Topside congestion through to the 1.1320 level and a solid push towards the 1.1350 level could see weak stops appearing and opening a test through to the 1.1400 area if 1.1360 is pushed through, congestion likely to appear around that 1.1400 areas and stronger offers possibly on a push through towards the 1.1450 level the highs of last month. Downside bids light but congestive through to the 1.1200 level with better bids likely in that area with weak stops on a break below the 1.1180 level opening a test into the 1.1140-60 areas and further congestion then appearing and increasing into the 1.1100 areas.
Overnight News
JPY:
Sumitomo life to boost foreign, domestic bond holdings in FY19 BBG
Maeda say’s BoJ will consider further easing if momentum slows BFW
Maeda: always mulling most appropriate steps based on situation BFW
Maeda: See’s many ways to ease policy including adjust LT rate – BFW
USD:
US approves enormous new LNG projects MB
AUD:
An RBA easing cycle would be big Market talk DJ
GBP:
British PM Theresa May to convene cabinet meeting – DPA
Today’s Data
Actual A | Consensus C | Previous P | Revised R | all timings GMT/UTC
12:30Â Â Â Â CADÂ Â Â Â Â Â Wholesale Trade Sales M/M Feb C 0.10% | P 0.60%
13:00Â Â Â Â USDÂ Â Â Â Â Â House Price Index M/M Feb C 0.60% | P 0.60%
14:00Â Â Â Â EURÂ Â Â Â Â Â Â Eurozone Consumer Confidence Apr (A) C -7 | P -7.2
14:00Â Â Â Â USDÂ Â Â Â Â Â New Home Sales Mar C 647K | P 667K
Harry Hindsight
- GBP: Opening around the 1.2995 level the market struggled throughout the day for liquidity however, the bank holidays around the world saw limited interest and the strongest session in Asia saw the market dipping only to the 1.2985 area before returning and holding around the opening levels without really threatening the 1.3000 level, the move into the bank holiday London session saw the market drifting through to the NYK period testing through the 1.2980 level initially before running a little quicker on the slight rise down towards the 1.2975 level before trading in a narrow range between 1.2980-85 areas to the close.
- JPY: Opening a little lower from Fridays close the market moved off the 111.85 area lows to push through to test to the 111.95 level and after a brief flirtation with the 112.00 area the market drifted to hold around the 111.90-95 areas through to the close in very quiet trading.
- AUD: Opening just above the 0.7150 level the market made early highs to the 0.7155 area before slowly drifting through the Asian session to test to the 0.7135 level and hold through into the NYK session before dipping lightly through the level to test to the 0.7130 areas and holding around the 0.7135 level to the end of the day.
- EUR: Asia was particularly quiet with the Euro opening around the 1.1245 level dipping into the early Japanese trading to the 1.1235 area and although the area was retested several times held through the grey hour and a quiet European session saw a slow climb higher through to deep in the session to make the highs on what would have been the London close and holding quietly around the 1.1260 level to the end.
Yesterday’s Premiership results
USDÂ Â Â Â Â Â Existing Home Sales Mar A 5.21M | C 5.31M | P 5.51M | R 5.48M
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