LMAX Exchange - unique vision for global FX

Andy Harrison

Good Morning,
LMAX Close
USDJPY 107.945 | EURUSD 1.12243 | AUDUSD 0.70096 | NZDUSD 0.67401 | USDCAD 1.30544 | USDCHF 0.98742 | GBPUSD 1.24329 |
LMAX highs and Lows 05.00 GMT
Highs | Lows
EURUSD 1.12415 | 1.12243
USDJPY 107.997 | 107.644
GBPUSD 1.24414 | 1.24288
USDCHF 0.98720 | 0.98509
AUDUSD 0.70331 | 0.70063
USDCAD 1.30599 | 1.30432
NZDUSD 0.67422 | 0.67249
EURCHF 1.10837 | 1.1069
EURGBP 0.90392 | 0.9026
EURJPY 121.230 | 1.20935
For Today
GBP: A quiet session for the Cable opening just above the 1.2430 level and then trading slowly to hold around the 1.2440 level through to the grey hour, downside bids into the 1.2380 levels with possible strong stops on a dip through the level with possible congestion on a move through to the 1.2350-60 areas with further sentimental bids into the 1.2300 areas, topside offers light on the way back through the 1.2500 level with stronger offers likely through to the 1.2520 level before congestion appears on any push towards the 1.2550 and likely to increase into the 1.2600 areas.
JPY: Lifting a little off the opening 107.90 areas but unable to push to the 108.00 level before moving deeper into the Tokyo session, a dip through the 107.90 level saw a quick bout of selling saw the market holding around the 107.70 areas through to the grey hour, downside bids remain around the 107.80 area and congested around the 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 remain around the 109.00 areas however, they could be a little light and a push through will likely see a quick run to the 109.30 areas and stronger congestion through to 109.60 and building to stronger offers above the 109.80 areas.
AUD: Holding around the 0.7010 level with a minor dip to the 0.7005 area before pushing towards the 0.7010 level and the release of employment data with the market initially dipping to its low just above the 0.7005 level then rallying through to the 0.7025 area, the market dipped then followed through on a further rally testing through the 0.7030 and holding the level through to the London session, topside offers likely to be fairly strong into the 0.7040-60 area with possible strong stops on a push through the level and limited offers from the 0.7080-0.7120 area and the topside likely to quickly push for the 0.7150 areas on a break, 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: Quiet rise in the early part of the session holding just short of the 1.1230 areas before rallying quickly through to the 1.1240 level and then slowly ranging through to the grey hour, topside weak offers through to the 1.1280 areas before stronger offers start to appear, weak stops above the 1.1320 level and lighter congestion from there through the usual 1.1340-60 area to build into stronger offers on any push for the 1.1400 area, even through this level the market continues to see resistance, downside bids into the 1.1200 areas is likely to see stronger bids appearing on any dip to test the 1.1150 level with weakness through the level and the market opening to the 1.1100-1.1080 level and stronger bids

Overnight News
JPY:
FinMin Aso: Trade friction is a large downside risk for global economy
Exports to China -10.7%, US +4.8%, EU -6.7%, Asia -8.2% YoY
Japanese official says negotiators working hard on US-Japan trade deal
Japan urges G7 to think beyond existing rules in dealing with Libra
GBP:
Johnson: Withdrawal agreement is dead, needs to be junked
Johnson: Brexit backstop for N. Ireland won’t work
Johnson: The whole withdrawal agreement is effectively defunct
Barclay: The risk of no deal split with the EU is under-priced
Boris Johnson smashes record for most money raised by UK politician
USD:
US plans different approach in leading G7 in 2020 White House official
EUR:
France defiant as digital tax showdown with US looms at G7
Europe car sales extend downward spiral with worst drop of 2019

Harry Hindsight

GBP: A limited rise from the opening around the 1.2410 level through to the London session testing the 1.2420 level, London came in selling strongly and took the market through the 1.2400 level testing to the low 1.2380 level before bouncing off the level and pushing back through the 1.2400 level and ranging in the 1.2400-10 through to the NYK session, NYK were steady buyers through the session pushing to the London close to take the market briefly above the 1.2450 areas before slipping back on a slow drift to the close just above the 1.2430 areas.
JPY: A very dull day for the USDJPY drifting from the opening and then after making early highs above the 108.30 level settling down to a tight range through Tokyo just below the 10820 areas deep into the London session slow rising back to the 108.30 level for the move into the NYK session, as the market came to the end of the London session the market dipped back through the 108.20 level and started a steady drift through to the close testing through the 108.00 level and holding just below the level into the close.
AUD: Opening around the 0.7010 area the market moved through into the Tokyo session slowly pushing through to the 0.7020 areas before dropping off quickly to test the 0.7000 areas before settling down into a quiet range around the 0l.7010 level for the move through to the NYK session with NYK selling the market back through the 70 cents level briefly before bouncing back on the move through the NYK option cut to push to the high of the day around the 0.7025 levels before drifting to a close almost unchanged.
EUR: A slow day for the Euro moving around the 1.1210 level through the Tokyo session and dipping on the move into the London session to test to the 1.1200 level before starting a slow steady grind higher through the balance of the session to lightly test above the 1.1230 area and hold through to the close.

Yesterday’s Premiership results
AUD Westpac Leading Index (MoM) (JUN) A -0.08% | P -0.08%
GBP CPIH (YoY) (JUN) A 1.9% | C 1.9% | P 1.9%
GBP CPI (MoM) (JUN) A 0.0% | C 0.0% | P 0.3%
GBP CPI (YoY) (JUN) A 2.0% | C 2.0% | P 2.0%
GBP Core CPI (YoY) (JUN) A 1.8% | C 1.8% | P 1.7%
GBP RPI (JUN) A 289.6 | C 289.6 | P 289.2
GBP RPI (MoM) (JUN) A 0.1% | C 0.1% | P 0.3%
GBP RPI (YoY) (JUN) A 2.9% | C 2.9% | P 3.0%
GBP House Price Index (YoY) (MAY) A 1.2% | C 1.3% | P 1.4%
EUR Euro-Zone Construction Output s.a. (MoM) (MAY) A -0.3% | P -0.8% | R -1.7%
EUR Euro-Zone Construction Output w.d.a. (YoY) (MAY) A 2.0% | P 3.9% | R 3.1%
EUR Euro-Zone Consumer Price Index Core (YoY) (JUN F) A 1.1% | C 1.1% | P 1.1%
EUR Euro-Zone Consumer Price Index (MoM) (JUN) A -0.2% | C 0.1% | P 0.1%
EUR Euro-Zone Consumer Price Index (YoY) (JUN F) A 1.3% | C 1.2% | P 1.2%
USD MBA Mortgage Applications (JUL 12) A -1.1% | P -2.4%
CAD Consumer Price Index n.s.a. (MoM) (JUN) A -0.2% | C -0.3% | P 0.4%
CAD Consumer Price Index (YoY) (JUN) A 2.0% | C 2.0% | P 2.4%
CAD Consumer Price Index (JUN) A 136.3 | C 136.4 | P 136.6
CAD Consumer Price Index Core (YoY) (JUN) A 1.8% | C 1.8% | P 1.8%
CAD Manufacturing Sales (MoM) (MAY) A 1.6% | C 2.0% | P -0.6%
USD Housing Starts (JUN) A 1253k | C 1260k | P 1269k | R 1265k
USD Housing Starts (MoM) (JUN) A -0.9% | C -0.7% | P -0.9% | R -0.4%
USD Building Permits (JUN) A 1220k | C 1300k | P 1294k | R 1299k
USD Building Permits (MoM) (JUN) A -6.1% | C 0.1% | P 0.3%
USD DOE U.S. Crude Oil Inventories (JUL 12) A -3116k | C -3672k | P -9499k
USD DOE U.S. Gasoline Inventories (JUL 12) A 3565k | C 2401k | P -1455k
USD U.S. Federal Reserve Releases Beige Book

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