USDJPY 111.618 | EURUSD 1.11311 | AUDUSD 0.70161 | NZDUSD 0.65237 | USDCAD 1.34849 | USDCHF 1.02027 | GBPUSD 1.28982 |
LMAX highs and Lows 05.00 GMT
Highs | Lows
EURUSD 1.11413 | 1.1124
USDJPY 111.786 | 111.45
GBPUSD 1.29061 | 1.28886
USDCHF 1.02060 | 1.01966
AUDUSD 0.70316 | 0.70075
USDCAD 1.34853 | 1.3469
NZDUSD 0.66454 | 0.66269
EURCHF 1.13631 | 1.13516
EURGBP 0.86363 | 0.86293
EURJPY 124.542 | 124.089
- GBP: Cable rose slightly into the Tokyo session holding around the 1.2900 level before dipping back to run along the 1.2890 level deep into the session, poor numbers saw the JPY weaken and cross buying moving in including GBPJPY and the market quickly pushing through to the 1.2905 area from the low before remaining above the 1.2900 area for the run to the grey hour, Topside light congestion through to 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 into the 1.2900 areas likely to provide decent support before a break through the 1.2880 level triggering weak stops for a move through to the stronger bids around the 1.2800 level with limited sentimental bids in 1.2850. a push through the 1.2800 area likely to open the downside to a larger move with 1.2760 being the start of the year ranges and limited support.
- JPY: Opening around the 111.60 level the market slowly drifted through into the Tokyo session testing to below the 111.50 area before running quickly up to the 111.80 level as the market absorbed the poor run of numbers, before drifting back to the opening level into the grey hour, Topside offers cleared through the 112.20 with further offers around the 112.50 level absorb the move and slow the market on any push to the 113.00 level, 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: Ranging in the 0.7010-0.7030 area through the session on the wide with the market slowly pushing through into the Tokyo session pushing the 0.7020 level before dipping off with slightly weaker numbers however, the market recovered pushing steadily through the 0.7030 area before sliding back to hold the 0.7020 area for the move into the grey hour, stops likely on a dip through the 0.6980 area and then stronger support on a mo0ve through to the 0.6950 area possible however, the support is dated to the slow ranges from 2016 and suspect at best, with a push through the sentimental levels open until possibly stronger bids into the 68 cents area, topside offers likely to be weak through the 0.7040-60 area and increasing only on a move through the 71 cents areas and increasing from there with stronger resistance increasing the further the market moves towards the 72 cents level.
- EUR: Limited movement through the session and with Golden week in Japan starting the market saw jumpy movement in line with JPY movement for the most part with the market rising early through to the 1.1140 level with the market dropping back from the highs through to the 1.1125 area before recovering and running to the grey hour holding the opening levels, downside bids into the 1.1120-1.1080 level is likely to see stronger stops likely to appear with some minor stops on the run to that level although some support on a dip through to the 1.1050 area it is possibly weak and the market will likely to run into stronger bids around the 1.1020-00 areas with a deeper move through that level, topside offers light through to the 1.1200 area with weak stops on a push through to the 1.1220 levels however, congestion likely to continue through to the 1.1260 level with stronger offers around that level and a small gap to the 1.1280 areas where increasing offers are likely to appear.
Bank of Canada’s Poloz: Needs time for data to prove negative forces temporary -BBG
Poloz: Time needed for housing slowdown to be sorted out – BBG
Poloz: Toronto housing supply not keeping up with demand – BBG
BoJ announces to lend ETFs: Implications on liquidity –
BoJ considering facility to lend ETFs it holds to investors
Kuroda: expect ETF market function to improve with BoJ move
RBNZ’s Orr Not particularly worried by slower GDP growth – BBG
Survey shows bank credit remains difficult to access – BBG
RBA’s election rate cut not a done deal – AFR
Dangerous low interest rates need infrastructure boost – AFR
RBA history suggests May rate cut is on cards – AFR
FinMin Aso: agreed with treasury’s Mnuchin FX matters will be discussed among financial authorities – JIJI
Aso: Told Mnuchin Japan cannot accept discussions that link monetary policy to trade issues – JIJI
Aso: Should not talk about FX in context of trade debate – JIJI
Aso: wont comment on whether US made demand to include currency clause in bilateral trade deal – JIJI
Aso: Japan, US have never discussed currency policy in framework of trade deal – JIJI
Aso: Had bilateral with US treasury Sec Mnuchin
Aso: had wide ranging discussions including global economy – JIJI
Aso First bilateral since Bali meeting last year
Aso: Have said I’m against linking currency policy, trade talks
Aso: Have said that currency should not be part of trade talks – JIJI
Aso: Talked about currency for five minutes or so
Aso: Cannot say whether there was US request on including FX
Aso: Have confirmed each other’s stance on currency
Abe: Trump agreed to leave FX talks to FinMin
MoF official: communicated general Japan FX stance to Mnuchin
MoF official: Will continue to talk about, including FX in eventual trade deal
MoF official: talked for 45-50 minutes
MoF official: Originally were supposed to talk for an hour
MoF official: Aso-Mnuchin talks will continue
MoF official: My impression is that trade talks are central believe FX talks are secondary to Motegi-Lighthizer trade talks
MoF official: We are against linking trade to currency
MoF official: We don’t want to talk about FX if possible, key is content of FX talks but we didn’t have deep discussions
MoF official: Had also discussed Iran and N. Korea
MoF official: The mood of the talks we’re tranquil, calm
MoF official: Did not discuss global imbalances at this time, first time Mnuchin directly addressed FX in connection with trade
MoF official: Probably won’t be another bilateral until autumn
Xi says China won’t pursue Yuan depreciation that harms others
Xi says will ensure that the Yuan remains within a stable and reasonable range
Actual – A | Consensus – C | Previous – P | Revised R | all timings GMT/UTC
NZD Trade Balance Mar A 922M | C 131M | P 12M | R -68M
JPY Unemployment Rate Mar A 2.50% | C 2.40% | P 2.30%
JPY Tokyo CPI Core Y/Y Apr A 1.30% | C 1.10% | P 1.10%
JPY Industrial Production M/M Mar (P) A -0.90% | C 0.00% | P 0.70%
JPY Retail Trade Y/Y Mar A 1.00% | C 0.80% | P 0.40% | R 0.60%
AUD PPI Q/Q Q1 A 0.40% | P 0.50%
AUD PPI Y/Y Q1 A 1.90% | C 2.00% | P 2.00%
AUD Import price index Q/Q Q1 A -0.50% | C 0.40% | P 0.50%
JPY Housing Starts Y/Y Mar A 10.00% | C 5.50% | P 4.20%
08:30 GBP BBA Loans for House Purchase Mar C 38675 | P 39083
10:00 GBP CBI Reported Sales Apr C 0 | P -18
12:30 USD GDP Annualized Q/Q Q1 (A) C 2.20% | P 2.20%
12:30 USD GDP Price Index Q1 (A) C 1.30% | P 1.70%
14:00 USD U. of Mich. Sentiment Apr (F) C 97 | P 96.9
- GBP: A reasonably quiet range through the Asian session with the market trading around the opening 1.2900 areas with a run to the 1.2915 areas before resettling to the opening levels only a minor dip through to the 1.2895 area a couple of times but holding through to the grey hour and a final run to the highs of the day, the market dropped off from the grey hour and into the London session slowly drifting through to the 1.2865 areas holding through into the NYK session before recovering the opening levels and a slow range between the 1.2900-1.2890 levels to the close.
- JPY: USDJPY slowly drifted through the day opening a little lower before heading into the Tokyo session testing to the highs just short of the 112.25 level before falling steadily through to the 111.85 level and while the market did attempt the 112 level repeatedly tested but running into the grey hours pushing the low again and London taking it initially to the 111.75 level before ranging around the 111.85 level through to the NYK session, NYK dropped steadily through to the 111.50 level triggering a few little stops and the market tested through to the 111.40 areas before finding buyers and a slow move to the 111.65 level for the close.
- AUD: Not a large range, opening around the 0.7012 areas the market dipped a little into the Tokyo session to probe towards the 0.7000 area before moving higher through to the 0.7020 area and holding steady around the level through to the grey hour, early London sellers went for the figure areas testing through to the 0.6990 area and bouncing quickly back above the figure towards the mid-teens before starting a slower push lower to probe the 0.6990 support to make the lows for the day, NYK were steady buyers on a move off the lows and pushing back to the opening levels and a slow rise again into the teens again for the run to the close.
- EUR: A quiet range through the Asian session with the market slowly moving up to the 1.1160 level from the opening around the mid 1.1155 area, Tokyo saw the market dropping to its lows and basing for a few hours along the 1.1145 area before again pushing to the highs and holding quietly through to the London session and the doom and gloom merchants started a slow steady drift through to the 1.1120 levels, the support held and the market moved off the lows into the NYK session and pushing through to the early range before slipping slowly through to finish just off the lows.
Yesterday’s Premiership results
JPY BOJ Rate Decision A -0.10% | C -0.10% | P -0.10%
GBP CBI Trends Total Orders Apr A 13 | C 0 | P -18
USD Durable Goods Orders Mar (P) A 2.70% | C 0.70% | P -1.60% | R -1.10%
USD Durables Ex Transportation Mar (P) A 0.40% | C 0.20% | P -0.10% | R -0.20%
USD Initial Jobless Claims (APR 20) A 230K | C 199K | P 192K | R 193K
USD Natural Gas Storage A 92B | C 90B | P 92B
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