Andy Harrison
Good morning,
LMAX Close
USDJPY 107.589 | EURUSD 1.11342 | AUDUSD 0.67975 | NZDUSD 0.62955 | USDCAD 1.35724 | USDCHF 0.96086 | GBPUSD 1.24896 |
LMAX Highs and Lows 0500 GMT
Highs | Lows
EURUSD 1.11730 | 1.11119
USDJPY 107.762 | 107.514
GBPUSD 1.25258 | 1.24795
USDCHF 0.96165 | 0.96023
AUDUSD 0.68174 | 0.67751
NZDUSD 0.63056 | 0.62721
USDCAD 1.35836 | 1.3546
EURCHF 1.06987 | 1.0693
EURGBP 0.89165 | 0.88914
EURJPY 119.997 | 119.631
For Today
- GBP: Quiet through the early part of the session with the market struggling with the 1.2500 level through into Tokyo before pushing through to the 1.2525 area with nor real problem and then drifting back to the opening levels around the 1.2490 area for the move into the grey hour, Topside offers congested through to the 1.2550 level before the offers start to lighten with sentimental offers likely through the 1.2600 level with weak stops likely to appear above the 1.2630 area for a quick move towards the 1.2650 area and then stronger offers on any approach to the 1.2700 area, downside bids light through to the 1.2400 level with weak stops likely to have moved up to the area yesterday, a push through will likely see some movement to the 1.2350 level and stronger bids starting to appear through to 1.2300 level.
- JPY: ranging around the 107.60 opening levels through to midmorning in Tokyo before slowly trading through to the 107.75 in a light move 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 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 quiet session through to the RBA release saw the opening testing to the 0.6820 area before drifting through to hold the 0.6780 into early Tokyo, a limited test above the 68 cents level came to nothing and the market again settled into the 0.6780 area for the range through to the release, a slow move higher after the no change to the headline rate or policy slowly pushing back to the 0.68 cents area for the grey hour, Topside offer light through to the 69 cents area with weak stops just above the current areas to open a test of the 0.6850 area, and then the stronger offers with strong stops through that level, downside bids light through to the 0.6720 level and improving bids into the area will likely see weak stops on a push through the 0.6680 area to opening up a larger move back onto the 65 cents level.
- EUR: A very quiet range for the Euro with the market moving into the Tokyo session slowly drifting away from the early 1.1135 area, early Tokyo tested the 1.1125 level initially before buying pushed towards the 1.1140 area before again slipping lower as the market failed the level, testing through to the 1.1120 level before holding quietly through to the grey hour, Topside offers likely to be light through the 1.1160 level however, strength appears on any push to the 1.1180 level likely to negate any stops on a test through the 1.1150 old trend line, stronger offers likely to run through to the 1.1220 area before weak stops and congestion mix limit stronger runs higher. Downside bids light through to the 1.1000 area with bids appearing on any push through the 1.1020 level and stops lurking below the 1.0980 level for a quick test through to the 1.0920 areas and stronger support.
Overnight News
JPY/NZD:
Shinsei to buy ANZ’s NZ Finance firm for NZD762m
USD:
Trump: We cannot allow angry moob drown out peaceful protesters – NYP
Trump: A number of states have Failed to safeguard their areas – NYP
Trump: Attacks on Police by protesters are acts of domestic terror – NYP
Trump: He is mobilising all available federal resources, civilian and military, to stop the rioting and looting – NYP
Trump: He told Governors it is time to dominate the streets with overwhelming security presence – NYP
Trump If Cities refuse, I will deploy the US military and quickly solve the problem for them – NYP
Trump: He is deploying thousands of Military and civilian Police to stop the rioting and looting and wanton destruction of property in Washington, 7pm Curfew will be strictly enforced NYP
AUD:
Data surprises man Australia’s economy might not have shrunk in Q1
Today’s Data
Actual – A | Consensus – C | Previous – P | Revised – R | All timings GMT/UTC
NZD Building Consents MoM (APR) A -6.5% | P -21.3% | R -21.7%
AUD Company Gross Operating profits QoQ (Q1) A 1.1% | C -3.5% | P -3.5%
AUD Current Account (Q1) A 8.4b | C 6.3b | P 1.0b
AUD RBA Interest rate Decision (JUN) A 0.25% | C 0.25% | P 0.25%
0600 GBP Nationwide HPI YoY (MAY) A | C 2.8% | P 3.7%
0600 GBP Nationwide HPI MoM (MAY) A | C -1.0% | P 0.7%
0730 CHF Retail Sales YoY (APR) A | P -5.6%
0800 EUR Spanish Unemployment Change A | P -282.9k
Harry Hindsight
- GBP: Opening a little lower and quickly closing the gap on the charts the market moved through into the Tokyo session Unchanged from Friday and above the early lows 1.2325 area, a steady grind from the 1.2350 level through the early half of Tokyo saw the market slowly pushing through the 1.2400 level and testing to the 1.2415 area before drifting into the Grey hour, the move through London was quiet with the market ranging around the 1.2400 level through into the NYK session before breaking higher on another expected day of unrest in the US and Trump comments, one does have to point out that this situation worked for Nixon although it cost the lives of students. Cable pushed quickly higher initially on Cable buying and then tripping through into EURGBP selling and Cable tested initially above the 1.2480 level and late into the session forced through the 1.2500 area with little conviction before drifting to the close.
- JPY: Range bound for the most part with the market moving through into the Tokyo session ranging in the 107.70-80 area and eventually touching the 107.85 area to make the high for the day in early Tokyo, the market drifted back from that point testing through into the London opening pushing at the 107.50 level before falling quickly to just through the 107.40 level and then recovering steadily through to the mid 107.70 areas again. The move into the NYK session saw general USD selling if somewhat muted for the USDJPY and the market ranging around the 107.60 level through to the close.
- AUD: A reasonably strong day for the AUD, opening unchanged around the 0.6670 area and holding quietly through into the Tokyo session with a light dip to the 0.6660 area for the lows of the day before rallying quickly through to the 0.6700 level, with CNY numbers showing some improvement and encouraging the market to break higher again and a push through to the 0.6740 level for the move into the London session, another push through to the 0.6770 level from the London opening then saw the market dipping and holding around the 0.6730-40 level through to NYK where early buyers took the market steadily through to the 0.6780 area slowly pushing through the bulk of NYK towards the 68 cents area before drifting a little below for the close.
- EUR: Opening a little higher after the weekend the market filled the gap in early trading before slowly moving off the early lows around the 1.1115 area to test steadily to above the 1.1130 level for a long run to the grey hour, early London buying saw the market testing above the 1.1150 level for the high of the day into midmorning in London before dropping quickly back to the 1.1100 level for the lows of the day and remaining there through into early NYK, USD selling saw the Euro again around the 1.1130 area however, it was unable to challenge the early gains and remained tightly around the level to the close.
Yesterday’s Premiership Results
AUD Manufacturing PMI A 44 | C 42.8 | P 44.1
CNY Composite PMI (MAY) A 53.4 | P 53.4
CNY Manufacturing PMI (MAY) A 50.6 | C 51.0 | P 50.8
CNY Non-Manufacturing PMI (MAY) A 53.6 | P 53.2
JPY Capital Spending YoY (Q1) A 4.3% | P -3.5%
CNY Caixin Manufacturing PMI (MAY) A 50.7 | C 49.6 | P 49.4
EUR Spanish Manufacturing PMI (MAY) A 38.3 | C 38.0 | P 30.8
EUR Italian Manufacturing PMI (MAY) A 45.4 | C 37.1 | P 31.1
EUR French Manufacturing PMI (MAY) A 40.6 | C 40.3 | P 31.5
EUR German Manufacturing PMI (MAY) A 36.6 | C 36.8 | P 34.5
EUR Eurozone Manufacturing PMI (MAY) A 39.4 | C 39.5 | P 33.4
GBP Manufacturing PMI (MAY) A 40.7 | C 40.7 | P 40.6
USD Manufacturing PMI (MAY) A 39.9 | C 39.8 | P 36.1
USD ISM Manufacturing Employment (MAY) A 32.1 | C 35.0 | P 27.5
USD ISM Manufacturing PMIU (MAY) A 43.1 | C 43 | P 41.5
Best Regards
Andy
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