Daily FX Market Commentary

Andy Harrison

Good Morning,

 

LMAX Close

USDJPY 109.458 | EURUSD 1.11762 | AUDUSD 0.69843 | NZDUSD 0.67034 | USDCAD 1.3082 | USDCHF 0.97472 | GBPUSD 1.30864 |

 

LMAX highs and Lows 06.00 GMT

                                Highs | Lows

EURUSD               1.12108 | 1.11729

USDJPY                109.496 | 109.069

GBPUSD              1.31248 | 1.30613

USDCHF               0.97558 | 0.9720

AUDUSD             0.69987 | 0.69786

USDCAD              1.30828 | 1.30652

NZDUSD              0.67195 | 0.6898

EURCHF               1.08956 | 1.08883

EURGBP              0.85483 | 0.8528

EURJPY                 122.476 | 122.243

 

For Today

  • GBP: Limited opening with the market dipping from a slightly higher opening to test the 1.3070 level before moving into the early part of Tokyo and rising back to the opening around the 1.3090 level and a slow push through the 1.3100 level, a little stronger on the break through the 1.3110 level saw the market testing towards the 1.3125 level before running out of steam and slowly drifting back to hold the 1.3110 level for the move into the grey hour, Topside congestion through to the 1.3200 level with stronger offers around the figure area before opening up to further buying on a push through the 1.3220 area and possible weak stops with limited offers through to the sentimental 1.3250 and stronger again into 1.3300. Downside bids light through to the 1.3050 level then increasing congestion likely through to the 1.3000, possible weak stops through the level however, congestion likely to absorb the stops and congestion through to the 1.2900 level in varying sizes, particularly into the strong 1.2900 level.
  • JPY: Opening unchanged the market drifted through to early Tokyo holding the 1.0945 level before moving into the Tokyo fix and a quick dip through the 109.35 level and continuing the drop to the 109.10 area testing just below before holding quietly around the 109.15 level through the grey hours, downside weak stops on a dip through the 108.80 areas with congestion likely to absorb the stops and the markets bids increasing around the 108.50, any push below the 108.30 level is likely to see strong selling pushing for the 108.00 area however, bids are likely to be stronger and a limited market could see a quiet day. Topside offers increasing on a move through the 109.70 level through into the 110.00 level strong stops through the 110.20 level however, for the moment the topside is likely to be fairly strong.
  • AUD: The Oz saw a limited dip to the 0.6980 level before returning to the steady rise and testing steadily towards the 0.7000 level before dipping back to the 0.6990 level and ranging around the level through to the grey hours, Topside offers into the 0.7000 level and likely to see some offers continuing through to the 0.7020 level before weak stops appear and the market then opening through to the 0.7050 area and increasing on any drive towards the 71 cents level, downside bids mixed with patches of support around the sentimental levels however, still likely to be fairly weak through to the 68 cents level where stronger buyers are likely to appear,
  • EUR: A slow steady rise through the session having opened around the 1.1175 area and driving slowly through to the 1.1210 area where offers slowed the market and held it around the 1.1210 level through to the grey hours, Topside offers continue through to the 1.1220 area with weak stops likely in the area however, once the stops are out of the way congestion is likely to continue in strength and increase the closer the market moves towards the 1.1300 level, Downside bids light through to the 1.1100 level and bids are still likely to be building with weak stops limited with congestion likely to move through to the 1.1050 level and increasing on a dip to the 1.1020 areas.

 

 

Overnight News

EUR:

Germany: Merkle’s grand coalition faces array of new challenges – Deutsche Welle

EUR/GBP:

EU fury, Boris Johnson’s damning swipe at Eurozone “it’s a doomsday machine” – Express

Did Macron and Johnson negotiate a hard Brexit in October – Zero Hedge

 

 

Today’s Data

Actual – A | Consensus – C | Previous – P | Revised R | all timings GMT/UTC

EUR        German Retail Sales YoY (NOV) C 1.1% | P 1.4%

0800       CHF        KOF Leading Indicator (DEC) C 94.5 | P 93.0

0930       GBP       BBA Loans for House Purchase (NOV) C 41200 | P 41219

1330       USD       Advance Goods Trade Balance (NOV) C -68.8b | P -66.5b

1330       USD       Wholesale Inventories MoM (NOV) C 0.2% | P 0.1%

1445       USD       Chicago Purchasing Manager (DEC) C 48.0 | P 46.3

1500       USD       Pending Home Sales YoY (NOV) C 7.4% | P 3.9%

 

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LMAX Exchange Market Commentary   Andy Harrison  

Any opinions, news, research, analyses, prices or other information ("information") contained on this Blog, constitutes marketing communication and it has not been prepared in accordance with legal requirements designed to promote the independence of investment research. Further, the information contained within this Blog does not contain (and should not be construed as containing) investment advice or an investment recommendation, or an offer of, or solicitation for, a transaction in any financial instrument. LMAX Group has not verified the accuracy or basis-in-fact of any claim or statement made by any third parties as comments for every Blog entry.

LMAX Group will not accept liability for any loss or damage, including without limitation to, any loss of profit, which may arise directly or indirectly from use of or reliance on such information. No representation or warranty is given as to the accuracy or completeness of the above information. While the produced information was obtained from sources deemed to be reliable, LMAX Group does not provide any guarantees about the reliability of such sources. Consequently any person acting on it does so entirely at his or her own risk. It is not a place to slander, use unacceptable language or to promote LMAX Group or any other FX and CFD provider and any such postings, excessive or unjust comments and attacks will not be allowed and will be removed from the site immediately.