Andy Harrison
Good morning,
LMAX Close
USDJPY 108.68 | EURUSD 1.11686 | AUDUSD 0.68974 | NZDUSD 0.63645 | USDCAD 1.35205 | USDCHF 0.96243 | GBPUSD 1.25514 |
LMAX Highs and Lows 0500 GMT
Highs | Lows
EURUSD 1.12109 | 1.11666
USDJPY 108.850 | 108.422
GBPUSD 1.26104 | 1.25461
USDCHF 0.96322 | 0.96084
AUDUSD 0.69835 | 0.68882
NZDUSD 0.64287 | 0.63525
USDCAD 1.35276 | 1.34801
EURCHF 1.07733 | 1.07472
EURGBP 0.89054 | 0.88798
EURJPY 121.803 | 121.278
For Today
- GBP: The run to the Tokyo session saw a tight range around the 1.2550 level before quickly rising through to the 1.2580 area to hold for an hour or so before steadily start another push to test through to the 1.2610 area before failing and calling back quickly to hold around the 1.2580 areas, Topside offers through the 1.2640 level with a break through the 1.2650 area likely to see weak stops appearing and the market possibly opening to a quick test to the 1.2700 before stronger offers are likely to appear, Downside bids likely to stepped up to the 1.2450-00 areas however, they are likely for the moment to be weak and stops through the 1.2400 area to open a deeper move with very little to suggest strong bids until on the 1.22 handle.
- JPY: A slow drift through into the Tokyo session with some steady GBPJPY buying helping the USDJPY to make its highs just short of the 108.85 area before drifting off through to the opening 108.70 area and quick selling on the push through to quickly test the 108.45 level before holding and eventually starting a slow rise to the 108.65 area. Topside offers likely to be strong through to the 109.20-30 area with weak stops likely around the level however, congestion likely to soak up the run and the market possibly struggling with the 109.30-60 area with no relief through the 109.80 area and likely stronger offers again joined by sentimental option players. Downside bids light through the 108.00 level and weak stops on a dip through the 107.80 area opens up a push back to the 107.50 level and congestion before stronger bids into the 107.20 level.
- AUD: GDP in line with expectation saw the Oz rising into the numbers for a move from the opening and low areas for the day at 0.6890 to initially test the 6915 area and then pause only briefly before running through to the 0.6980 area into midsession before falling back on the failure and holding quietly around the 0.6935 areas to the grey hour, Topside offers into the 0.6980 level through to the 0.7020 area with possibly strong stops appearing on a push through the level to quickly target the 0.7050 area with weaker offers on moves towards the 71 cent level. Downside bids light through to the 0.6880 area and weak stops appearing and limited support until 0.6820 however, any push through to the 0.6780 level is likely to see stronger stops appearing and the downside opening to a deeper move.
- EUR: Slow but steady rally through the session with the market heading in one direction for the most part opening just odd its lows around the 1.1170 area and steadily pushing once the Tokyo session started to the Topside to push through to the 1.1200 level a pause then another run leading into the grey hour pushing to the 1.1210 area and holding around the 1.1205 level, Topside offers remain through to the 1.1220 area with possible weak stops on a push through the level, limited offers through the 1.1250 sentimental level before stronger offers start to appear on any move through to the 1.1280 area and beyond. Downside bids light through to the 1.1160 level with possible bids appearing in the area however, a break below the 1.1140 level leaves the 1.1100 level vulnerable and weak stops below for a quick run lower.
Overnight News
USD:
US says will investigate nations with digital services tax
Google faces $5b lawsuit in US for tracking private internet use
EUR:
EU embarks on overhaul of big tech rules
JPY:
Japans Service sector shrinks for the fourth month in May
GBP/CNY:
UK PM prepared to change immigration rules if China imposes national security law on Hong Kong
EUR/USD:
Trump can’t change G7 format says EU
SEK/USD/CNY:
Sweden extradites Chinese multi-million-dollar money launderer to US
Today’s Data
Actual – A | Consensus – C | Previous – P | Revised – R | All timings GMT/UTC
JPY Services PMI (MAY) A 26.5 | C 25.3 | P 21.5
AUD RBA Assist Gov. Bullock Speaks
AUD Building Approvals MoM (APR) A -1.8% | C -15.0% | P 4%
AUD GDP QoQ (Q1) A -0.3% | C -0.3% | P 0.5%
AUD GDP YoY (Q1) A 1.4% | C 1.4% | P 2.2%
CNY Caixin Services PMI (MAY) A 55.0 | P 44.4
0545 CHF GDP QoQ (Q1) A | C -2.0% | P 0.3%
0545 CHF GDP YoY (Q1) A | C -0.9% | P 1.5%
0715 EUR Spanish Services PMI (MAY) A | C 25.0 | P 7.1
0745 EUR Italian Services PMI (MAY) A | C 26.5 | P 10.8
0750 EUR French Services PMI (MAY) A | C 29.4 | P 10.2
0755 EUR German Services PMI (MAY) A | C 31.4 | P 16.2
0755 EUR German Unemployment Change (MAY) A | C 200k | P 373k
0755 EUR German Unemployment Rate (MAY) A | 6.2% | P 5.8%
0800 EUR Eurozone Markit Composite PMI (MAY A | C 30.5 | P 13.6#
0800 EUR Eurozone Services PMI (MAY) A | C 28.7 | P 12
0830 GBP Composite PMI (MAY) A | C 28.9 | P 13.8
0830 GBP Services PMI (MAY) A | C 28.0 | P 13.4
0900 EUR Unemployment Rate A | C 8.2% | P 7.4%
1215 USD ADP Nonfarm Employment change (MAY) A | C -9000k | P -20,238k
1230 CAD Labour Productivity QoQ (Q1) A | C 1.2% | P -0.1%
1345 USD Markit Composite PMI (MAY) A | C 36.4 | P 27.0
1345 USD Services PMI (MAY) A | C 36.9 | P 26.9
1400 USD Factory Orders MoM (APR) A | C -14.0% | P -10.4%
1400 USD Non-Manufacturing Employment A | P 30.0
1400 USD ISM Non-Manufacturing PMI (MAY) A | C 44.0 | P 41.8
1400 CAD BoC Rate Statement
1400 CAD BoC Interest rate decision A | C 0.25% | P 0.25%
1430 USD Crude Oil Inventories A | C 3.038m | P 7.928m
Harry Hindsight
- GBP: Opening around the 1.2500 level the market drifted through into the Tokyo session slipping through to the 1.2485 area before lifting quickly in Tokyo to test towards the 1.2530 area before again drifting and extending the lows through to the 1.2480 level for the move into the London session and stronger buying moving through the market to pushing into the midmorning session testing the 1.2570 areas before drifting and then ranging through the session around the 1.2550 area.
- JPY: A normal day for the Asian session with the market opening around the 107.60 areas and slowly drifting through into the Tokyo session holding the 107.55 area before starting a slow recovery through into the London session to test towards the 107.85 area before drifting for the move into NYK, the opening saw some strong buying enter the market and a quick move through to the 108.40 level triggering some weak stops along the way to pause for a few hours before slowly making its way through to the 108.75 area before finding sufficient resistance to the move and force a small drift to the close.
- AUD: A early rise into the Tokyo session to test through the 68 cents before dipping through to the midsession period making the low of the day around the 0.6775 level and a move back to the 68 cents opening levels, London were steady buyers through to the 0.6850 area and a few hours of holding tightly around the level through to an hour before the NYK option fix and a steady push for the 69 cents level and a steady tight range around the 0.6880 area with the economy looking to be in better shape than previously expected and GDP for the year expected to remain positive.
- EUR: Rather dull and flat through the Asian session with the market opening around the 1.1135 level and drifting back through into the Tokyo session to test the 1.1125 level and catch a slight bid to move away only to restart the steady drift this time to the 1.1120 area, the move into the grey hour saw limited buying moving in but keeping to the already stated ranges with London steadily selling through early morning, SNB had other ideas it would seem and some strong buying saw the Euro push quickly above the 1.1160 level and continued through to challenge the 1.1190 level before running out of steam, the move through to the NYK session saw the market slipping back to the 1.1160 areas before moving into early morning in NYK and again pushing for the 1.1200 level again only to struggle with the 1.1190 areas before sliding slowly through to the close.
Yesterday’s Premiership Results
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%
GBP Nationwide HPI YoY (MAY) A 1.8% | C 2.8% | P 3.7%
GBP Nationwide HPI MoM (MAY) A -1.7% | C -1.0% | P 0.7% | R 0.9%
CHF Retail Sales YoY (APR) A -19.9% | P -5.6%
EUR Spanish Unemployment Change A 26.6k | P 282.9k
Best Regards
Andy
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