USDJPY 108.438 | EURUSD 1.12855 | AUDUSD 0.69651 | NZDUSD 0.66683 | USDCAD 1.31332 | USDCHF 0.98771 | GBPUSD 1.26388 |
LMAX highs and Lows 05.00 GMT
Highs | Lows
EURUSD 1.12899 | 1.12752
USDJPY 108.474 | 108.273
GBPUSD 1.26478 | 1.2626
USDCHF 0.98761 | 0.98672
AUDUSD 0.69861 | 0.69569
USDCAD 1.31384 | 1.31239
NZDUSD 0.66815 | 0.66668
EURCHF 1.11458 | 1.11312
EURGBP 0.89358 | 0.8921
EURJPY 122.402 | 122.168
- GBP: A slow rise through towards the 1.2650 areas before slowly sliding to deep into the session to the 1.2640 in limited volume, the move to the grey hour saw the market dropping quickly through the 1.2630 level before finding some support to hold through to the grey hour, strong congestion above the 1.2760 level with possibly weak stops on a test through the 1.2780 areas and a quick push through the sentimental levels and momentum building to a stronger test through to the 1.2900 level and limited congestion in the area likely to slow the rise however, very little technical wise to stop further movement higher other than Brexit news. Downside Strong congestion on any move through to the 1.2620-00 area, a dip through the level is likely to see some weak stops however, the downside is possibly going to see better buyers moving in on any dips through towards the 1.2500 levels and limited interest from sellers for the time being.
- JPY: Early trading saw a dip through to the 108.30 areas before moving into the Tokyo session before starting a slow rise back to the opening levels to fall just short of the 108.50 areas and ranging through to the grey hour holding around the 108.40 levels, downside light bids through to the congested 107.40-20 areas and likely to continue until the 106.80 areas break with weak stops likely to dominate the downside through to the 106.50 areas before some bids are likely to reappear, topside offers cleared through to the 108.50 level however, congestion still remains and likely to increase on any test to the 108.80 level with weak stops likely on a push through the 109.00 level and stronger congestion in the 108.40-60 areas likely to limit further gains.
- AUD: Opening around the 0.6965 areas the market slipped only slightly lower before moving through into the Tokyo session holding quietly, the market rose steadily deep into the session pushing towards the 0.6980 level and again holding just south of the level before the RBA cut interest rates by 0.25bps to 1.00% to the lowest ever, the market reacted as expected a spike lower and then back again as the market took the cut as a good thing for the economy and having quickly traded on the 0.6950’s the market pushed through into the 0.6985 area to hold through into the grey hour around the 0.6980 level. Topside offers from the current levels are a little thin on a move through the 0.7050 and then some stronger offers appearing to slow the market from squeezing higher, Downside bids light through the 69 cents level with limited stops likely to appear before stronger bids start to reappear on a move through the 0.6850 level and increasing the closer to the 68 cents level the market gets.
- EUR: As my old boss would have called it a snooze fest for the Euro opening around the 1.1285 area and slowly testing the 1.1290 areas before slowly moving through the day to test to the 1.1275 level before holding around the 1.1280 area to the grey hour, Congestive offers still remain to the topside with possible weak stops above the 1.1420 level and lighter congestion from there through the usual 1.1440-60 area to build into stronger offers on any push for the 1.1480-1.1500 area, even through this level the market continues to see resistance to the 1.1550 level and the market moving into the ranges from last summer, downside bids congested on any dip through the 1.1260 areas and likely to continue into the 1.1240 level however, even though it lightens a little the move through the 1.1200 areas is likely to see stronger bids appearing on any dip to test the 1.1150 level.
China announces measures to expand market access
Li: Will offer targeted RRR, lower real borrowing costs to SMES
Li: China to scrap ownership limits for securities by 2020
Li: China economy in 1H has seen steady growth, in proper range
Li: Are some downward pressures facing Chinese economy
Li: Policy to remain prudent, will fine tune appropriately
Trump says he expects China’s Xi will move on some of the issues that are in dispute – RTRs
Trump says trade talks with China are already underway by phone – RTRs
Trump: Mexico tariffs are off table, country doing great job
US proposes tariffs on a further $4B of EU goods
RBA: rate cut will help make inroads into spare capacity
RBA: To adjust policy if needed to support growth, inflation
RBA: Inflation pressures subdued across the economy
RBA: Central scenario for Australian economy remains reasonable
RBA: Tentative signs house prices stabilizing in Sydney and Melbourne
Actual – A | Consensus – C | Previous – P | Revised R | all timings GMT/UTC
NZD Building Permits (MoM) (MAY) A 13.2% | P -7.9%
JPY Monetary Base (YoY) (JUN) A 4.0% | P 3.6%
AUD RBA Cash Rate Target (JUL 2) A 1.00% | C 1.00% | P 1.25%
06:00 EUR German Retail Sales (MoM) (MAY) C 0.5% | P -2.0%
06:00 EUR German Retail Sales (YoY) (MAY) C 2.7% | P 4.0%
06:00 GBP Nationwide House PX (MoM) (JUN) C 0.2% | P -0.2%
06:00 GBP Nationwide House Px n.s.a. (YoY) (JUN) C 0.5% | P 0.6%
08:30 GBP Markit/CIPS UK Construction PMI (JUN) C 49.2 | P 48.6
09:00 EUR Euro-Zone PPI (MoM) (MAY) C 0.1% | P -0.3%
09:00 EUR Euro-Zone PPI (YoY) (MAY) C 1.8% | P 2.6%
09:30 AUD RBA Governor Lowe speaks in Darwin
10:35 USD Fed’s Williams Speaks on Global Economic and Policy Outlook
12:30 CAD MLI Leading Indicator (MoM) (MAY) P 0.4%
13:30 CAD RBC Canadian Manufacturing PMI (JUN) P 49.1
14:05 GBP BOE’s Carney Speaks in Bournemouth.
15:00 USD Fed’s Mester to Speak on Economy in London
17:00 NZD QV House Prices (YoY) (JUN) P 2.3%
22:30 AUD AiG Performance of Service Index (JUN) P 52.5
23:00 AUD CBA Australia PMI Services (JUN F) P 53.3
23:00 AUD CBA Australia PMI Composite (JUN F) P 53.1
23:01 GBP BRC Shop Price Index (YoY) (JUN) P 0.8%
- GBP: Strong volume but limited movement opening unchanged around the 1.2700 level and dipping a little through into the Tokyo session to around the 1.2690 level with limited dips below the level before pushing back through to the 1.2705 areas and moving into the grey hour around the opening level, the move into the London session saw the market dipping in 10 pip steps through to the 1.2635 level and basing along that level through the day, the move into the NYK session pushing through to the 1.2670 areas topping a couple of times before returning to the supportive base through to the close.
- JPY: USDJPY opened a little higher after a poor tankan and a softening of the US-China situation saw the USDJPY rising steadily through the session to the 108.50 area into the London session before running into light selling and the market then basing around the 108.25 level through to NYK, some light buying deep into the NYK session were unable to test the previous level and then struggling between the 108.45-50 level through to the close with decent volume but ultimately limited range.
- AUD: Oz drifted from the opening with the selling of AUDJPY driving the Oz a little lower through to the 0.6990 areas, the market then ranged through to London with limited volume, saw the market holding quietly just below the 70 cents level before dipping into the NYK session and fall back to the 0.6960 areas before finding some bids to hold through to the end of the session only slightly off those lows.
- EUR: Opening a touch lower the market held through into the Tokyo session filling the small gap before slowly drifting off with EURJPY selling possibly a dominant factor, the market dipped through to the 1.1325 areas for the move through early London before light buying pushed the market back through the 1.1350 level however, unable to break higher the market ran to the NYK session sliding slowly through the session until testing through to the 1.1280 level where the market held through to the close.
Yesterday’s Premiership results
CNY Composite PMI (JUN) A 53 | P 53.3
CNY Manufacturing PMI (JUN) A 49.4 | C 49.5 | P 49.4
CNY Non-manufacturing PMI (JUN) A 54.2 | C 54.2 | P 54.3
AUD AiG Performance of Manufacturing Index (JUN) A 49.4 | P 52.7
AUD CBA Australia PMI Mfg (JUN F) A52 | P 51.7
JPY Tankan Large Manufacturing Index (2Q) A 7 | C 9 | P 12
JPY Tankan Large Manufacturers Outlook (2Q) A 7 | C 6 | P 8
JPY Tankan Large Non-Manufacturing Index (2Q) A 23 | C 20 | P 21
JPY Tankan Non-Manufacturing Outlook (2Q) A 17 | C 19 | P 20
JPY Tankan Large All Industry Capex (2Q) A 7.4% | C 8.1% | P 1.2%
JPY Tankan Small Manufacturing Index (2Q) A -1 | C 2 | P 6
JPY Tankan Small Manufacturing Outlook (2Q) A -5 | C -2 | P -2
JPY Tankan Small Non-Manufacturing Index (2Q) A 10 | C 10 | P 12
JPY Tankan Small Non-Manufacturing Outlook (2Q) A 3 | C 6 | P 5
JPY Nikkei Japan PMI Manufacturing (JUN F) A 49.3 | P 49.5
AUD TD Securities Inflation (YoY) (JUN) A 1.6% | P 1.7%
CNY Caixin China PMI Mfg (JUN) A 49.4 | C 50.1 | P 50.2
JPY Consumer Confidence Index (JUN) A 38.7 | C 39.2 | P 39.4 | R 40.8
CHF Retail Sales Real (YoY) (MAY) A -1.7% | P -0.7% | R -0.8%
EUR ECB Vice President Guindos Speaks in Frankfurt
CNY PBOC’s Yi speaks in Helsinki
CHF PMI Manufacturing (JUN) A 47.7 | C 49.0 | P 48.6
EUR Markit/ADACI Italy Manufacturing PMI (JUN) A 48.4 | C 48.7 | P 9.7
EUR Markit France Manufacturing PMI (JUN F) A 51.9 | C 52.0 | P 52.0
EUR Markit/BME Germany Manufacturing PMI (JUN F) A 45.0 | C 45.4 | P 45.4
EUR German Unemployment Change (000’s) (JUN) A -1k | C -3k | P 60.0k
EUR German Unemployment Claims Rate s.a. (JUN) A 5.0% | C 5.0% | P 5.0%
EUR Markit Eurozone Manufacturing PMI (JUN F) A 47.6 | C 47.8 | P 47.8
GBP Net Consumer Credit (MAY) A 0.8B | C 0.9b | P 0.9b
GBP Consumer Credit (YoY) (MAY) A 5.6% | P 5.9%
GBP Net Lending Sec. on Dwellings (MAY) A 3.1B | C 4.2b | P 4.3b
GBP Mortgage Approvals (MAY) Medium A 65.4k | C 65.5k | P 66.3k
GBP Money Supply M4 (MoM) (MAY) A -0.1% | P 0.9%
GBP M4 Money Supply (YoY) (MAY) A 2.2% | P 3.0%
GBP Markit UK PMI Manufacturing s.a. (JUN) A 48 | C 49.5 | P 49.4
EUR Euro-Zone Unemployment Rate (MAY) A 7.5% | C 7.6% | P 7.6%
USD Markit US Manufacturing PMI (JUN F) A 50.6 | C 50.1 | P 50.1
USD ISM Manufacturing (JUN) A 51.7 | C 51.0 | P 52.1
USD ISM Employment (JUN) A 54.5 | C 52.8 | P 53.7
USD Construction Spending (MoM) (MAY) A -0.8% | C 0.1% | P 0.0%
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