Andy Harrison
Good morning,
LMAX Close
USDJPY 106.794 | EURUSD 1.15268 | AUDUSD 0.71283 | NZDUSD 0.66454 | USDCAD 1.34583 | USDCHF 0.93312 | GBPUSD 1.27318 |
LMAX Highs and Lows 0500 GMT
Highs | Lows
EURUSD 1.15470 | 1.1510
USDJPY 106.891 | 106.683
GBPUSD 1.27394 | 1.27147
USDCHF 0.93296 | 0.93197
AUDUSD 0.71453 | 0.71241
NZDUSD 0.66486 | 0.66379
USDCAD 1.34591 | 1.34361
EURCHF 1.07588 | 1.07548
EURGBP 0.90714 | 0.90561
EURJPY 123.331 | 123.066
For Today
- GBP: Opening a little lower and testing to the 1.2715 area for the early low and pushing back to fill the gap before moving into the Tokyo session and rising into the 1.2740 area before drifting back to the opening level for the move into the grey hour, Topside congested around the 1.2740-60 area and likely to continue through to the 1.2800 level with weak offers around the level and weak stops on a test through the level and finding stronger offers on the 1.28 handle through the sentimental levels, downside light through the 1.2700 area with weak stops likely on a dip through the 1.2680 area and opening a deeper run to the 1.2600 level.
- JPY: A little choppy on the opening with the market dipping to the low 106.70’s and bouncing to the 106.90 level before settling down as the early Asian market moved in and the market pushed through into the Tokyo session testing towards the 106.90 area again into early morning before slipping slowly back through to the low 106.70 areas again to run to the grey hour pushing the 106.80 area, topside offers continue through to the 108.20-25 area before weak stops are likely to appear and the possibility of pushing through to the 108.50 area before hitting some congestion, weak congestion through to the 108.80 level and stronger offers likely to appear for any move through the 109.00-20 level. , Downside light through to the 106.50 area and possible short term buying through to the 106.00 level where bids are likely to increase, a break through to the 105.90 areas is likely to see weak stop appearing, limited bids through to the 105.50 area and increasing through to the 104.80.
- AUD: A reasonably quiet range through the Asian session lifting off the 0.7120 opening area to hold lightly above the 0.7130 level and trading around the area through into the grey hour with the range initially as wide as 20 pips but narrowing down on a move through into the grey hour testing the 0.7140 level, topside congested through the 0.7180-0.7220 area before weak stops appear and the market opens to a run towards the 73 cents level with minimal offers through the 0.7250 area. Downside bids light through the 71 cents area with some weak bids through the 0.7050 area and again in 0.7000 level before weak stops open a quick test through to the 0.6950 before stronger bids start to appear.
- EUR: A weak rise through the session to push towards the 1.1550 level before holding quietly around the 1.1540 area for the move into the grey hour, Topside offers congestion through the 1.1550 level and increasing through the 1.1580 levels and into the 1.1600 in particular, offers likely to continue with weak stops on a push through the 1.1620 however, the market is likely to find stronger offers again filtering through on any push to the 1.1650 area and through to the 1.1680 area in particular, downside bids weak through the 1.1500 level and weak stops likely to be close to the area and a quick move through to the 1.1400 a possibility with limited bids until that level.
Overnight News
USD:
US House Speaker Pelosi says Republican $1t coronavirus aid proposal not enough – RTR’s
NZD:
NZ 2Q GDP to Contract 15% QoQ – BBG
RBNZ reduces frequency of term auction facility to weekly – BBG
CNY:
China’s greatest dam leaked, distorted as floods force more evacuations – Breitbart
GBP:
Britain close to abandoning hope of Brexit trade deal – TEL
Today’s Data
Actual – A | Consensus – C | Previous – P | Revised – R | All timings GMT/UTC
JPY Services PMI A 0.4% | P 45.0
AUD Retail Sales MoM A 2.4% | P 16.9%
1230 Core CPI YoY (JUN) A | P 0.7%
1230 Core CPI MoM (JUN) A | P -0.1%
1230 CPI MoM (JUN) A | C 0.4% | P 0.3%
1300 EUR German BuBa Vice Pres. Buch Speaks
1400 USD Existing home sales MoM (JUN) A | C 24.5% | P -9.7%
1400 USD Existing home sales (JUN) A | C 4.78m | P 3.91m
1430 USD Crude oil inventories A | C -2.088m | P -7493m
1500 EUR ECB’s De Guindos Speaks
Harry Hindsight
- GBP: Opening quietly and running into the Tokyo session holding around the 1.2660 area before jumping to the 1.2675 area and ranging through to late in the session before heading to the days lows around the 1.2650 level, grey hour buying saw the market recover through to the pre-London opening period and the market pausing around the 1.2690 area before popping through on the opening of London to hit the 1.2715 area before dropping back quickly to hold the 1.2675 area and start a slower move through to the same level into early NYK, this time id dipped quickly as it did in London before powering back to the high and this time pushing straight through to continue to the 1.2750 level before pausing and running again late in the session to test out just short of the 1.2770 area before drifting back for the close.
- JPY: Drifting a little from the opening the market dipped back from the 107.30 area to test into the Tokyo fix pushing towards the 107.10 area before stabilizing around the 107.20 area through into midsession and then slowly rising through to the high of the day into pre-London trading above the 107.35 area to hold steadily through to the NYK session before dropping back through to the 106.90 before really pausing and slowing its descent although getting as far as the 106.70 level before recovering a little for the close.
- AUD: A slow Asian session with the market rising from the opening lows around the 0.7010 area and pushing through to the 0.7030 level and ranging for the most part between 0.7020-30 into the London session before mounting a slow steady rise through the rest of the day, pushing through into the NYK session testing above the 0.7085 area then continuing through to the 0.7145 level before drifting back a little for the close.
- EUR: Not as energetic as some of the pairs the Euro saw early highs into the Tokyo midsession period moving from the 1.1450 level to test the 1.1465 area before settling into range around the 1.1450 level into the NYK session, dipping to the grey hours around the 1.1425 area and the low for the day, the NYK session saw the market test those lows again before gradually pushing away from the level to test through to the 1.1540 level before drifting a touch for the close.
Yesterday’s Premiership Results
JPY National Core CPI YoY (JUN) A 0.0% | C -0.1% | P -0.2%
AUD RBA Meeting Minutes
AUD RBA Gov. Lowe speaks
CAD Core Retail Sales MoM (MAY) A 10.6% | C 12.0% | P -22.0% | R -20.7%
CAD New Housing Price Index MoM (JUN) A 0.1% | C 0.1% | P 0.1%
CAD Retail Sales MoM (MAY) A 18.7% | C 20.0% | P -26.4% | R -25.0%
EUR German BuBa Vice Pres. Buch Speaks
EUR ECB’s De Guindos Speaks
USD API Weekly Crude Oil Stock A 7.544m | P -8.322m
Best Regards
Andy
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