Andy Harrison
Good morning,
LMAX Close
USDJPY 107.095 | EURUSD 1.08202 | AUDUSD 0.64152 | NZDUSD 0.59348 | USDCAD 1.41082 | USDCHF 0.97169 | GBPUSD 1.21052 |
LMAX Highs and Lows 0500 GMT
Highs | Lows
EURUSD 1.08270 | 1.08099
USDJPY 107.282 | 107.053
GBPUSD 1.21155 | 1.20761
USDCHF 0.97224 | 0.97122
AUDUSD 0.64522 | 0.64117
NZDUSD 0.59591 | 0.59251
USDCAD 1.41131 | 1.40665
EURCHF 1.05160 | 1.05115
EURGBP 0.89582 | 0.89361
EURJPY 116.105 | 115.724
For Today
- GBP: Opening 20-25 pips lower the market drifted to test the 1.2075 area in early trading before recovering into the Tokyo opening to test the 1.2100 level however, the recovery was short lived with the early buyers forced out into the early part of Tokyo before a steady rise through to the 1.2115 level ensued and a quiet range through to the grey hour holding the figure level in quiet trading, Topside offers light through the 1.2150 area with some stronger offers on any move to the 1.2200 level however, weak stops on a break of the level opening a quick move through to the 1.2250 area and the 1.2300 becoming vulnerable to a test. Downside bids light through to the 1.2050 area and likely bids appearing through to the stronger 1.2000 level however, stronger is relative and a breakthrough opens a fresh opening through to the 1.1800 level and suspected stronger bids appearing.
- JPY: Light buying from a slightly weaker opening saw the market pushing from the 107.10 level through to the 107.30 area into the Tokyo opening before drifting through the session to range around those opening levels through to the grey hour, Downside bids through to the 106.80 level with limited weak stops on a move through the level to open a test of the 106.50 area again, a push through leads to stronger bids appearing from the 106.30 area and likely to continue through to the 105.90-80 area with stops appearing and the market vulnerable to a larger fall through to the 105.00 area before stronger bids appear. Topside offers light through to the 107.70-108.00 level and some limited congestive offers appearing, a push through to the 108.20 area has limited effect with some weak stops likely to be absorbed through to the 108.40 level and stronger offers thereafter through to the 108.80-109.00 area.
AUD: A slow drift to the low, just above the 0.6410 level before putting in a long drawn out push through to the 0.6450 area into midsession before drifting through to the 0.6440 area into the grey hour in quiet trading for the Oz, Topside offers light through to 0.6480 area before increasing in size through the 65 cents level however, the congestion is likely to increase through to the 0.6550 area and a struggle to break through to the 66 cents area where stronger offers are suspected, downside bids likely to appear on any test of the 64 cents level and through to the 0.6380 level where limited weak stops are likely to appear and quickly be absorbed by the congestive bids around the 0.6350 area and through to stronger bids into 63 cents. - EUR: Choppy opening saw a dip to the 1.0810 level before recovering the 1.0820 area and a slow rise through the session to push above the 1.0825 area before grinding to a slow meander to the grey hour able to hold above the 1.0820 level and nothing else. Downside bids around the 1.0800 level light with increasing strength through to the 1.0750 area with weak stops possibly on a push through the 1.0740 level however, bids are likely to continue strongly through to the 1.0680 level before stronger stops appear and longer-term weakness kicks in. Topside offers light through to the 1.0900 level before stronger offers appear with light congestion to those offers, a break of the 1.0920 area could see limited stops appearing and a further test through to the 1.0950 level and stronger offers starting on any test above the 1.0980 levels.
Overnight News
CNY:
Commerce minister Zhong Shan: Coronavirus has caused a huge shock to China’s economic and social developments – BBG
China trade faces unprecedented challenges this year – BBG
Zhong Shan: Will boost domestic demand and promote consumption – BBG
Zhong Shan: Foreign demand has significantly slumped due to virus outbreak, trade faces unprecedented challenges – BBG
Zhong Shan: Our companies are having an extremely difficult time due to virus outbreak – BBG
CHF:
SNB is intervening heavily to shield economy, Meachler says – BBG
USD/CNY:
China is responsible for take down of US economic adviser – ABC
Aide accuses China of using air travellers to seed virus – BBG
Americans give made in China the cold shoulder; Poll shows [- BBG
NZD:
ANZ Bank now sees RBNZ raising QE program to NZD90b in August – ANZ
GBP:
Ministers move coronavirus teams back to no deal Brexit planning – Times
BoE examining negative rates, Haldane – TEL
USD:
Powell warns US recovery could stretch through end of 2021 – BBG
FED warns of significant hit to asset prices if crisis grows – BBG
EUR:
MiFID rollback weighed by lawmakers aiming to jump start economy – BBG
AUD/CNY:
China dangles carrot over free trade deal – AFR
Today’s Data
Actual – A | Consensus – C | Previous – P | Revised – R | All timings GMT/UTC
NZD Services NZ PSI A 25.9 | P 37.3
JPY GDP Growth Annualized (P) A -3.4% | C -4.6% | P -7.1% | R -7.3%
JPY GDP Growth Rate QoQ (P) A -0.9% | C -1.2% | P -1.8% | R -1.9%
CNY House Price Index YoY A 5.1% | P 5.3%
JPY Tertiary Industry Index MoM A -4.2% | P -0.5% | R -0.7%
1400 USD NAHB Housing Market Index A | C 33 | P 30
Best Regards
Andy
Any opinions, news, research, analyses, prices or other information contained on this Blog, whether by LMAX, its employees, partners or contributors, does not constitute investment advice nor has it been prepared in accordance with legal requirements designed to promote the independence of investment research. Further, the material 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. Whilst information provided on this Blog may help with your investment research you must consider carefully whether you should make (or refrain from making) investment or other decisions based on what you see without doing further research on the investments you are interested in. Participating in this Blog cannot be a substitute for obtaining advice from an appropriate expert independent adviser who takes into account your circumstances and specific investment needs in selected investments that are appropriate for you. LMAX 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 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 material produced in this Blog was obtained from sources deemed to be reliable, LMAX 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.
If you currently hold an account with LMAX for the purposes of trading FX and CFD’s, you are encouraged to use a different Username and Password to access the Blog or any other online systems. The Blog is a place to learn, discuss and share information and ideas with Blog followers. It is not a place to slander, use unacceptable language or to promote LMAX or any other FX, Spread Betting 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.