Andy Harrison
Good Morning,
LMAX Close
USDJPY 110.178 | EURUSD 1.18126 | AUDUSD 0.76534 | NZDUSD 0.70572 | USDCAD 1.25229 | USDCHF 0.93627 | GBPUSD 1.39034 |
LMAX Highs and Lows 0500 GMT
Highs | Lows
EURUSD 1.18219 | 1.18004
USDJPY 110.403 | 110.128
GBPUSD 1.39185 | 1.38901
USDCHF 0.93808 | 0.93596
AUDUSD 0.76607 | 0.76312
NZDUSD 0.70692 | 0.70434
USDCAD 1.25410 | 1.25167
EURCHF 1.10751 | 1.10500
EURGBP 0.84993 | 0.84908
EURJPY 130.325 | 130.107
For Today
- GBP: A slow rise through from the 1.3900 area and pushed slowly above the 1.3915 area, before slowly drifting through the balance of the session to test the 1.3890 area and holding for a couple of hours on the lows for the grey hour, Topside offers congested around the level and increasing through to the 1.3900 area, some weak stops likely to be absorbed by congestion that is likely to continue through to the 1.4000 area before stops increase. Downside bids light through the 1.3800 level and then light bids through to the 1.3700 area where bids are likely to increase through to the 1.3650 area before weak stops appear.
- JPY: Opening around the 110.20 level and testing the 110.14 before steadying and eventually pushing off the low on the second dip to push through to the 110.30 level dipping then running again to the 110.40 before drifting a little for the grey hour, Topside light congestion through to the 110.80 level before weak stops then weakness through to the stronger offers around the 111.80 area matching the highs from the beginning of the previous two years at the same period of time, a break of the 112.30 area is likely to see strong stops appearing and the market opening for further push beyond the last couple of years highs. Before running through to the 112.50 area and another set of stronger offers appearing continuing through to the 112.80 level and likely continue seeing strong offers, downside bids light back through the 110 level and likely to continue to 109.80 with weak stops likely through the level and weak through to the 109.00 area.
- AUD: Early buying took the market through into the Tokyo session and holding for a time just above the 0.7660 level before steady position squaring saw the market moving through to the 0.7630 level for the RBA announcement, no change as expected and a steady recovery through to the 0.7650 level for the move into the grey hour, light offers through the 0.7700 area with weak stops through the level and the market opening to the 78 cents area before stronger offers through to the 0.7840-60 area and then increasing offers onwards through 0.7900, with the offers likely to continue through to the 0.7950 area and likely increasing resistance through to the 0.8000 levels, downside bids into the 76 cents level with strong bids likely through to the 0.7580 area, weak stops are likely to be few and far between with stronger bids likely into the 0.7550 level and likely stronger congestion through to the 0.7500 area.
- EUR: A quiet rise through to the Tokyo fix pushing a little above the 1.1820 area before slowly drifting back to the 1.1800 level for a quiet range through to the grey hour, Light offers and with weak stops on a move through the 1.1820 area with limited congestion then continuing through to the 1.1840-60 area before stronger offers start to appear on a test through the 1.1880 level and stronger through the 1.1900 area. Downside bids into the 1.1700-1.1680 area with weak stops on a move through and then congestive bids into the 1.1650 area and continuing through to the 1.1600 where better bids are likely to be seen with weak stops through the level opening a deeper move as a possibility.
Overnight News
JPY/NOK:
Softbank to acquire 40% of Autostore – WSJ
USD:
Yellen declares end to Trump’s Global retreat, eyes tax deal – BBG
Biden economic plan gets boost from Senate procedural ruling – BBG
AUD:
Australia’s sleeping iron ore giant starts to stir – AFR
GBP:
Johnson eases lockdown but foreign travel on hold for UK – BBG
USD/IRR/KRW:
Tough Nuclear talks await Iran, US as powers gather in Vienna – BBG
S Korea PM to visit Iran to discuss trapped funds – BBG
Iran: Nuclear talks must guarantee US sanctions removal – BBG
CNY:
China is said to ask Banks to curtail credit for rest of year – BBG
JPY:
Japan to deploy F-35b stealth fighters from 2024 to step up defence of E. China Sea Islands – SMP
RUB:
Putin signs law allowing him 2 more terms as Russia’s leader – APW
Today’s Data
JPY Household Spending YoY (FEB) A -6.6% | C -5.3% | P -6.1%
JPY Household Spending MoM (FEB) A 2.4% | C 2.8% | P -7.3%
CNY Caixin Services PMI (MAR) A 54.3 | P 51.5
CNY Composite PMI (MAR) A 53.1 | P 51.7
AUD RBA Interest rate decision A 0.10% | C 0.10% | P 0.10%
AUD RBA Rate Statement
0800 EUR Spanish Unemployment Change A | P 44.4k
1000 EUR Unemployment Rate (FEB) A | C 8.1% | P 8.1%
1300 USD EIA Short-Term Energy Outlook
1500 USD JOLTs Job Openings (FEB) A | C 6.995m | P 6.917m
2130 USD API Weekly Crude Oil Stock A | P 3.910m
Tentative NZD NZIER Business Confidence (Q1) A | P -6%
Harry Hindsight
- GBP: Opening unchanged around the 1.3820 level and slowly move higher through to the 1.3840 area to make the highs in Tokyo and then slowly drifting through to move into the grey hours pushing through into the 1.3814 area and a steady rise through to the 1.3840 level to quickly push through to the 1.3870 area on the London opening, a quiet period through to the NYK session saw the market quickly pushing through to the 1.3900 level and then a tight range through to the close.
- JPY: Testing to the high of the day into the Tokyo session pushing lightly to the 110.75 area before drifting through to the 110.55 area for a quiet range before heading into the grey hour falling back from the 110.65 area and into early morning in London dropped slowly to the 110.50 level, NYK were quick sellers and the market saw a limited push through the 110.00 level before bouncing above the 110.10 level and then slowly recovering for the close around the 110.20.
- AUD: Rising from the opening pushing through into the Tokyo from the 76 cents level to push above the 0.7610 area and then continue through to peak around the 0.7625 area before drifting back to the opening levels to hold quietly through the grey hour and then start a steady rise from the London opening, pushing initially to the Asian highs then after a brief period continuing its rise to test the 0.7660 before dipping and settling into a quiet run through to the close
- EUR: Quiet move through much of the Asian session dipping in the first hour to the 1.1755 areas and then recovering and slowly pushing through into Tokyo to eventually test the 1.1770 level before drifting through to the 1.1750 on the move into the grey hour, limited movement through London opening and a dip through to the 1.1740 area before heading steadily higher as USD sellers move through the market to push above the 1.1810 level dipping then steadily making the high just below the 1.1820 area to drift on a long run to the close.
Premier League Results
JPY Services PMI A 48.3 | P 46.3
USD Markit Composite PMI (MAR) A 59.7 | P 59.1
USD Services PMI (MAR) A 60.4 | C 60.0 | P 60.0
USD Factory Orders MoM (FEB) A -0.8% | C -0.5% | P 2.6% | R 2.7%
USD ISM Non-Manufacturing Employment A 57.2 | P 52.7
USD ISM Non-Manufacturing PMI (MAR) A 63.7 | C 58.5 | P 55.3
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.