Andy Harrison
Good Morning,
LMAX Close
USDJPY 109.464 | EURUSD 1.2079 | AUDUSD 0.77277 | NZDUSD 0.71851 | USDCAD 1.21621 | USDCHF 0.90587 | GBPUSD 1.40501 |
LMAX Highs and Lows 0500 GMT
Highs | Lows
EURUSD 1.20879 | 1.20711
USDJPY 109.654 | 109.422
GBPUSD 1.40565 | 1.40368
USDCHF 0.90617 | 0.90538
AUDUSD 0.77337 | 0.7714
NZDUSD 0.71983 | 0.71694
USDCAD 1.21784 | 1.21618
EURCHF 1.09459 | 1.09403
EURGBP 0.86042 | 0.85933
EURJPY 132.453 | 132.214
For Today
- GBP: Quiet session with the market opening towards its highs and then ranging through to the 1.4035 level before returning to trade to the 1.4050 several times before running out into the grey hour holding the opening levels, downside bids through the 1.4000 level quickly run into weak stops and congestive bids competing through to the 1.3950 area and increasing bids from there to the 1.3900 level and stops then beyond the area opening a deeper move, topside offers through to the 1.4150 level and increasing into the 1.4200 level with weak stops likely on a push through Feb’s highs around the 1.4220 area. Opening the market to the next leg through to the 1.4400 area.
- JPY: A slow push from the opening lows around the 109.45 area and a push through to the 109.65 before stalling and holding quietly for several hours around the area only to slip a little to the 109.55 area for the move into the grey hour, Downside bids into the 107.80 however, a break through the level is likely to see weak stops and breakout stops appearing and the market free to quickly test 107.50 and an old trendline then nothing until closer to the 107.00 area where stronger bids start to appear but the downside opening to Feb levels, topside offers through to the 110.00 level with light congestion through the figure level and weak stops possibly limited and stronger offers likely increasing on a move higher towards the 111.00.
- AUD: Very quiet range through to the grey hour, drifting from the opening around the 0.7730 area to test the 0.7715 level before returning through to extend the high just below the 0.7735 level, a slow midsession and the market held around the 0.7725 area into the grey hour, Topside offers light through to the 0.7880 area and likely to be strong offers continuing through to the 0.7920 area before weak stops appear and the market then running into further resistance once it starts projecting through the 0.7960 area with increasing offers the closer to the significant sentimental levels into 80 cents, downside bids into the 0.7700 area and weak stops on an extension through the 0.7680 area but quickly running into supportive bids into the 0.7650 area and continuing through to 0.7600 level with some possibly decent bids mixed with weak stops.
- EUR: A slow drift through to the 1.2070 into the Tokyo session quickly returning to the opening around the 1.2080 level and pushing to the 1.2085 before ranging a little and finally heading into the grey hour just short of the 1.2090 area, Topside offers through the 1.2160 area and increasing into the 1.2200 level with weak stops likely to be absent and congestion through to the 1.2220 level before hopping any possibility of testing the highs of the year through 1.2300 and stronger stops still likely to slow any further movement. Downside bids light through to the 1.2020 area and then stronger bids starting to form in the area, weak stops on a move through the 1.1980 area opening a chance of a quick break back to the 1.1900 level before stronger bids appear.
Overnight News
JPY:
In surprise move, Japan adds three more prefectures to virus state emergency – RTRs
USD:
US lifts indoor mask mandate for vaccinated people – AFP
Today’s Data
NZD Business NZ PMI (APR) A 58.4 | P 63.6
0800 EUR Spanish CPI YoY (APR) A | C 2.2% | P 1.3%
0800 EUR Spanish HICP YoY (APR) A | C 1.9% | P 1.2%
1230 EUR ECB Monetary Policy Statement
1330 USD Core Retail Sales MoM (APR) A | C 0.7% | P 8.4%
1330 USD Export Price Index MoM (APR) A | C 0.6% | P 2.1%
1330 USD Import Price Index MoM (APR) A | C 0.6% | P 1.2%
1330 USD Retail Sales MoM (APR) A | C 1.0% | P 9.7%
1330 CAD Manufacturing Sales MoM (MAR) A | C 3.5% | P -1.6%
1330 CAD Wholesale Sales MoM (MAR) A | C 1.0% | P -0.7%
1415 USD Industrial Production YoY (APR) A | P 1.02%
1415 USD Industrial Production MoM (APR) A | C 1.0% | P 1.4%
1500 USD Business Inventories MoM (MAR) A | C 0.3% | P 0.5%
1500 USD Michigan Consumer Expectations (MAY) (P) A | C 85.0 | P 82.7
1500 USD Michigan Consumer Sentiment (MAY) (P) A | C 90.4 | P 88.3
1500 USD Retail Inventories Ex Auto (MAR) A | P 0.6%
1800 USD US Baker Hughes Total Rig Count A | P 440
Harry Hindsight
- GBP: Limited move through the Asian session with the market moving through into the Tokyo holding the opening 1.4050 level before moving through into midsession testing through to the highs of the day just short of the 1.4080 level, grey hour selling saw the market edging through to the 1.4040 level and returning to the opening levels for the London opening, a steady drift through early morning saw the Cable testing through to the 1.4005 level for the low of the day before NYK took it back to the opening levels and a brief flirtation towards the lows for the London close recovering for the close nearly unchanged.
- JPY: A very quiet ranging market throughout the day, opening around the 109.65 leel the market pushed above the 109.75 area for the high of the day before dropping steadily back to test the 109.50 area before ranging in that range deep through into the NYK session and only once the London session closed did the market make fresh lows through to the 109.40 area for the close.
- AUD: Opening in a choppy few minutes dipping to the 0.7715before pushing through to the 0.7740 area before settling into a slow rise through to the Tokyo fix dipping back to the lows quickly and a slow recovery to push through the 0.7745 high of the day, slow drift from there to the grey hour testing the 0.7710 area and eventually pushing through to the 0.7690 area before slowly recovering to above the 77 cents area for the move through to the close holding around the 0.7730 level.
- EUR: Opening around the 1.2070 area and then reacting much the same as Cable with USD selling in early trading sending the Euro through to the Tokyo high around the 1.2090 before drifting through to the grey hour for an unchanged level when Europeans moved in, a push to the Euro saw the market testing just above the 1.2105 level before peaking and slowly dropping initially and weak stops on a move through the 1.2080 area to quickly test the 1.2050 area, the move through to the NYK session saw a limited recovery to the 1.2080 area and then ranging through to the close just above the opening levels.
Premier Results
CHF Holiday Ascension Day
GBP RICS House Price Balance (APR) A 75% | C 62% | P 59% | R 62%
JPY Adjusted Current Account A 1.70t | P 1.79t | R 1.84t
JPY Current Account n.s.a. (MAR) A 2.650t | C 2.796t | P 2.917t
GBP BoE MPC Member Cunliffe Speaks
USD Core PPI MoM (APR) A 0.7% | C 0.4% | P 0.7%
USD Initial Jobless Claims A 473k | C 490k | P 498k | R 507k
USD PPI MoM (APR) A 0.6% | C 0.3% | P 1.0%
CAD BoC Gov. Macklem Speaks
GBP BoE Gov. Bailey Speaks
USD FED Waller Speaks
USD FOMC Member Bullard Speaks
Best Regards
Andy
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