Good morning,
LMAX Close
USDJPY 110.784 | EURUSD 1.07006 | AUDUSD 0.58072 | NZDUSD 0.57062 | USDCAD 1.43354 | USDCHF 0.98566 | GBPUSD 1.16698 |
LMAX Highs and Lows 0600 GMT
Highs | Lows
EURUSD 1.07548 | 1.0636
USDJPY 111.276 | 109.80
GBPUSD 1.16979 | 1.15304
USDCHF 0.99007 | 0.98135
AUDUSD 0.58247 | 0.57028
NZDUSD 0.56846 | 0.55917
USDCAD 1.44839 | 1.4364
EURCHF 1.05471 | 1.05312
EURGBP 0.92529 | 0.91658
EURJPY 118.558 | 117.90
For Today
- GBP: Unchanged for the most part the market ran to the 1.1675 area to make the early highs before quickly dropping back before the Tokyo session testing the 1.1560 level and pushing in early Tokyo trading to dip through to the 1.1530 level to make the low, the official opening saw the market quickly rise to the 1.1650 level and choppy around a little for a couple of hours before again lifting off the 1.1590 area for a steady push through to the 1.1650 area on a long run to the grey hours, light offers through to the 1.1850 level with congestion forming in the area and likely to continue around the sentimental areas through to 1.2100 level with the possibility of stronger stops through the level and weak resistance giving rise to a possible short squeeze, downside bids into the 1.1550 level and likely to increase into the 1.1500 level and stronger bids on any dip below the level towards 1.1450 and 1.1400 sentimental levels likely to provide significant bids until the market can break through the 1.1380 and the downside look vulnerable.
- JPY: Early highs through the 111.20 level having opened around the 110.80 level became the early highs of the day as the market dipped away on the move into the Tokyo session initially testing the 110.30 level after pausing in the area for a couple of hours the market saw a brief recovery through to the 110.70 level before running lower again and pushing lightly to the 110.00 level and holding deep into the session before pushing through the level and holding through to the grey hours around the 109.80 level, Double top formation formed with congestion to the downside protecting the 109.50 level and the possibility for a deeper move through to the 108,00 area and possible better support
- AUD: Similar pattern to the majors with the market rising from the opening to test lightly above the 0.5820 level peaking and then selling through to the early Tokyo testing through to the 0.5710 level, Chopping around through the early part of the day to range from the 0.5700 level to test to the early highs around the 0.5780 on the wide testing through to the lows of the day again before finding some stability ranging around the 0.5750 level through to the grey hours and slowly pushing through to the 0.5770 level for the move into the grey hours, topside light congestion around the sentimental values with stronger offers into the 0.5850 level initially any move through the level is likely to see weakness through to the 60 cents area before stronger offers appear and weak stops on a break of the 0.6020-30 level to quickly target 61 cent, downside bids light through to the 0.5600 levels with possibly some weak bids hanging around the area through to the 0.5550 level and stronger bids from therein,
- EUR: Opening in line with Fridays close around the 1.0700 area the market dipped quickly in the first 30 mins through to the 1.0635 area before finding some stronger bids to slowly push through to the 1.0700 level into the Tokyo session, Tokyo after the recapture of the opening levels saw steady selling through the next couple of hours before USD went on the defensive and the Euro was free to push from the 1.0660 level to test to the highs around the 1.0735 area through to the grey hours, Downside 1.0350 level the talk of the town and close to the first days strong rise in 2000, Strong bids through 1.0600 with weak stops on a break to the 105.80 level and a quick test through to the 1.0500 level, topside offers light through to the 1.0800 level with the possibility of a short squeeze and stops through there.
Overnight News
USD:
No deal on vast Coronavirus stimulus bill as crunch time arrives on capitol hill – WPT
Democrats block senate stimulus bill after negotiations falter
Dire USD shortage shows world failed to fix key crisis flaw – BBG
Kashkari: Fed isn’t out of ammunition
Kashkari: Fed could potentially do more for corps, bonds, muni’s
NZD:
RBNZ to implement NZD30b asset purchase program –
RBNZ: Will buy bonds across a range of maturities
RBNZ: will buy bonds from secondary market, over 12 months
RBNZ: Program aims to support economy, keep bond yields low
RBNZ: Plans to buy NZD500m bonds this week
Ardern: Nation must prepare to go into self-isolation – BBG
AUD:
Australia closes Pubs, Restaurants, Casinos as infections soar – BBG
EUR:
Merkel in quarantine after Doctor tests positive for virus – AP
Central Banks:
Central banks intervene in FX market conditions, but not exchange rate levels
Revival of Fed’s CB swap lines helps address FX market illiquidity, but don’t expect FX level targeting
Today’s Data
Actual – A | Consensus – C | Previous – P | Revised – R | All timings GMT/UTC
1500 EUR Eurozone Consumer Confidence C -13 | P -6.6
2200 AUD CBA Australia PMI Composite (MAR P) P 49.0
2200 AUD CBA Australia PMI Manufacturing (MAR P) 50.2
2200 AUD CBA Australia PMI Services (MAR P) P 49.0
Yesterday’s Premiership Results
CNY: 1yr Loan Prime Rate (MAR) A 4.05% | C 3.95% | P 4.05%
CNY 5yr Loan Prime Rate (MAR) A 4.75% | C 4.7% | P 4.75%
NZD Credit Card Spending YoY (FEB) A 2.5% | P 3.7%
0930 GBP BoE/TNS Inflation Next 12mths (FEB) A 3.0% | P 3.1%
0930 GBP Central Government NCR (FEB) A -2.5b | P -20.5b
0930 GBP PSNB ex Banking Groups (FEB) A 0.3b | C 0.8b | P -9.8b | R -11.7b
0930 GBP Public Finances (PSNCR) (FEB) A 1.38b | P -18.8b | R -19.11b
0930 GBP Public Sector Net Borrowing (FEB) A -0.3b | C 0.7b | P -10.5b | R -12.4b
1230 CAD Retail Sales MoM (JAN) A 0.4% | P 0.0%
1400 USD Existing Home Sales MoM (FEB) A 6.5% | C 0.9% | P -1.3% | R -2.0%
1700 USD Baker Hughes US Rig Count (MAR 20) A 772 | P 792
Best Regards
Andy
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