Andy Harrison
Good morning,
LMAX Close
USDJPY 107.634 | EURUSD 1.10771 | AUDUSD 0.66372 | NZDUSD 0.62262 | USDCAD 1.37649 | USDCHF 0.96418 | GBPUSD 1.23217 |
LMAX Highs and Lows 0500 GMT
Highs | Lows
EURUSD 1.10945 | 1.10699
USDJPY 107.715 | 107.279
GBPUSD 1.23341 | 1.23089
USDCHF 0.96465 | 0.96297
AUDUSD 0.66465 | 0.66152
NZDUSD 0.62110 | 0.61894
USDCAD 1.37931 | 1.37622
EURCHF 1.06845 | 1.06764
EURGBP 0.89967 | 0.89882
EURJPY 119.333 | 119.001
For Today
- GBP: A quiet range with the Cable dipping from the opening levels through to the 1.2305 area and then slowly recovering for a light push through to the 1.2330 area for the move into the grey hour, Topside offers light through to the 1.2350 level before finding stronger offers starting to move in and increasing through to the 1.2400 levels. Downside bids light through to the 1.2210 area before bids thicken and are likely to see weak stops appearing on any dips through and open to the 1.2150 area before stronger bids again start to appear.
- JPY: Early trading saw the market push lightly through to the 107.70 area before dropping quickly back on the as Tokyo CPI numbers came in stronger, USDJPY hit the 107.40 area and ranged through to the grey hour holding in a tight range, 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 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: Dipping on the opening to test through to just above the 0.6610 level to make the low of the day and slowly recovering through to the grey hour pushing slowly towards the 0.6650 area, Topside offers likely to be strong from the 0.6680 area through to the 67 cents level, weak stops and breakout stops likely to be positioned in quick succession and opening a quick move through to the 0.6750 level with congestive offers likely to limit some movement however, there is a possibility of the market squeezing through and aiming for the 68 cents area before running out of steam, downside bids light through the 66 cents level with weak stops likely to open up the market to a quick reversal to the 65 Cents level before finding stronger bids then appearing and limited stops through then to the 0.6450 level and better congestion.
- EUR: A quiet session with the Euro rising a little through to the end of the session to move into the grey hour testing the 1.1095 area, Topside offers into the to the 1.1100 area however, with the SNB likely to continue to be active in weakening the CHF against the Euro the current disparity of the Euro is likely to continue. A push through the 1.1120 level is likely to see strong stops appearing before again running to the sentimental 50 area. Downside bids light through to the 1.0950 area and even here its not likely to appreciably increase and the 1.0920-1.0880 level being possibly the stronger point and well supported.
Overnight News
EUR:
Europe moves ahead with lockdown easing, but caution in Asia
HKD:
Hong Kong Govt warns removing US special status is double edged sword
JPY:
Japan bankruptcies seen rising to seven year high on virus
Today’s Data
Actual – A | Consensus – C | Previous – P | Revised – R | All timings GMT/UTC
JPY Jobs/Applications ratio (APR) A 1.32 | C 1.33 | P 1.39
JPY Tokyo Core CPI YoY (MAY) A 0.2% | C -0.2% | P -0.1%
JPY CPI Tokyo Exfood and Energy MoM (MAY) A 0.1% | P 0.1%
JPY Industrial Production MoM (APR) A -9.1% | C -5.1% | P -3.7%
JPY Retail Sales YoY (APR) A -13.7% | C -11.5% | P -4.7%
AUD Private Sector Credit MoM (APR) A 0.1% | P 1.1%
0600 EUR German Retail Sales MoM (APR) A | C -12.0% | P -5.6%
0645 EUR French Consumer Spending MoM (APR) A | C -15.0% | P -17.9%
0645 EUR French CPI MoM A | P 0.0%
0645 EUR French CPI YoY A | P 0.3%
0645 EUR French GDP QoQ Q1 A | C -5.8% | P -5.8%
0700 CHF KOF Leading indicators (MAY) A | C 70.0 | P 63.5
0800 EUR Italian GDP QoQ (Q1) A | C -4.7 | P 4.7%
0800 EUR Italian GDP YoY (Q1) A | C -4.8% | P -4.8%
0900 EUR Eurozone Core CPI YoY A | P 0.9%
0900 EUR Eurozone CPI MoM A | P 0.3%
0900 EUR Eurozone CPI YoY (MAY) A | C 0. 1% | P 0.3%
0900 EUR Eurozone CPI n.s.a. (MAY) A | P 105.43
1230 USD Core PCE Price Index YoY (APR) A | C 1.1% | P 1.7%
1230 USD Core PCE Price Index MoM (APR) A | C -0.3% | P -0.1%
1230 USD Goods Trade Balance (APR) A | P -64.38b
1230 USD PCE Price Index YoY (APR) A | P 1.3
1230 USD PCE Price Index MoM (APR) A | P -0.3%
1230 USD Personal Spending MoM (APR) A | C -12.6% | P -7.5%
1230 USD Retail Inventories Ex Auto (APR) A | P -1.0%
1230 CAD GDP YoY (Q1) A | P 1.47%
1230 CAD GDP MoM (MAR) A | C -9.0% | P 0.0%
1230 CAD GDP QoQ (Q1) A | P 0.1%
1230 CAD GDP Annualized QoQ (Q1) A | C -10.0% | P 0.3%
1345 USD Chicago PMI A | C 40.0 | P 35.4
1500 USD Fed Chair Powell Speaks
Harry Hindsight
- GBP: Opening around the 1.2260 level the market ranged tightly through to late in the Tokyo session before dipping from the Asian 1.2270 high to test the 1.2250 level to move into the grey hour, the market recovered its losses through into the London opening and pushed through to the 1.2275 for new highs for the day before drifting through early London back to test the 1.2250 level in quiet trading for the cable, midmorning saw another swing at the highs and lows testing this time through the 1.2235 level before slowly pushing in a tight channel through into the NYK session testing initially to the 1.2300 level and then breaking through to push into the London close testing the 1.2345 level with the pull of the EUR buying helping GBP, late in the session the market rejected another light push for the highs falling quickly back to the 1.2315 areas for the run to the close.
- JPY: Rising from a quiet early part of the session to test to the 107.90 level and the highs for the day in early Tokyo and then ranging around the 107.80 area through deep into the London session before slipping steadily back in steps to range for several hours around the 107.70 area and then again around 107.60 for the run to the close in reasonably quiet trading.
- AUD: Slowly ranging around the opening areas 0.6620 level through to deep into the Tokyo session testing through to the 0.6635 level highs before dropping steadily away through to the 0.6590 area and recovering through into the London session only to repeat the sell off, the market never quiet tested the lows again and slowly ranged back to the opening levels for the move into NYK and saw new buyers moving in to take the market through the 0.6660 level in quiet trading, the run to the close saw the market drop back quickly as day traders cut positions for the close and left the market only just above the opening level.
- EUR: Rising from the opening levels just above the 1.1000 area the market struggled in early Tokyo with the 1.1035 area and slowly drifted back through the 1.1000 level for the move into the London session, the move into the NYK session saw a steady strong push through to the 1.1090 area before running into offers and the market dipping for the close.
Yesterday’s Premiership Results
NZD ANZ Business confidence (MAY) A -41.8 | P -66.6
AUD Private New Capital Expenditure QoQ (Q1) A -1.6% | C -2.6% | P -2.8%
EUR Spanish CPI YoY A -1.0% | P -0.7%
EUR Italian Trade Balance Non-EU (APR) A -0.15b | P 5.21b
EUR France Jobseekers Total A 4,315.7k | P 3,488.6k
EUR German CPI MoM (MAY) A -0.1% | C -0.1% | P 0.4%
USD Core Durable Goods Orders MoM (APR) A -7.4% | C -14.0% | P -0.6% | R -1.7%
USD Durable Goods Orders MoM (APR) A -17.2% | C -19.0% | P -15.3% | R 16.6%
USD GDP QoQ (Q1) A -5.0% | C -4.8% | P 2.1%
USD GDP QoQ Price Index (Q1) A 1.6% | C 1.4% | P 1.4%
USD Initial Jobless Claims A 2,123k | C 2,100k | P 2,438k | R 2,446k
USD Jobless Claims A 2,608k | P 3,042k
CAD Current Account (Q1) A -11.1b | C -10.0b | P -8.8b | R -9.3b
USD Pending Home Sales MoM (APR) A | C -15.0% | P -28.8%
USD Crude Oil Inventories A 7,928m | C 1,944m | P -4.983m
USD FOMC Member Williams Speaks
Best Regards
Andy
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