Daily FX Market Commentary

Andy Harrison

Good Morning,

 

LMAX Close

USDJPY 109.525 | EURUSD 1.21672 | AUDUSD 0.7742 | NZDUSD 0.72116 | USDCAD 1.2076| USDCHF 0.89914 | GBPUSD 1.41591 |

 

LMAX Highs and Lows 0500 GMT

Highs | Lows   

EURUSD               1.21730 | 1.21602

USDJPY                109.635 | 109.472

GBPUSD              1.41708 | 1.41393

USDCHF              0.90002 | 0.8988

AUDUSD              0.77481 | 0.77309

NZDUSD              0.72185 | 0.71991

USDCAD              1.20937 | 1.20693

EURCHF               1.09430 | 1.09327

EURGBP              0.86041 | 0.8582

EURJPY                133.378 | 1.33.168

 

For Today

 

  • GBP: Opening unchanged the market moved through around the 1.4160 area to slowly push through into the Tokyo session testing the 1.4170 area before sliding slowly through to the 1.4140 level and holding close to the level through to the grey hour, Topside offers light through the 1.4250 area with some congestion increasing on any move to the 1.4300 and stronger offers in the area, a break above the 1.4310 area will likely see weak stops and breakout stops coinciding and the topside open to a quick squeeze through the 1.4350 level and an attempt on the possibly weak 1.4400 area and stronger stops again through the level. Downside bids likely to increase on a move through to the 1.4100 with a couple of weeks of congestion building up in the area with weak stops on a break through the 1.4090-80 area and opening to the 1.4000 level with very little support other than limited sentimental bids, however, the move through will then start to see stronger bids into the 1.3950-1.3900 area limiting any further loses.
  • JPY: Slow rising market through the Asian session, opening around the 109.55 area to push into early Tokyo testing the 109.65 area before falling back into the 109.50’s to lightly test the 109.45 area but generally holding around the opening level to the grey hour, Downside light through the 108.50 before opening the market to a new test of the 108.00 level, stronger 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: Drifting a little from the opening unchanged level around the 0.7745 area to push lightly through into the 0.7740 level before Tokyo fix moved the market towards the high of the session around the 0.7750 level before dipping through to the 0.7730 area and a quiet run to the grey hour holding just above the lows. topside offers into the 0.7800 area with weak stops through the 0.7820 before opening for a new run higher and strong offers likely through the 0.7840-60 area to build for the 79-cent level. Downside bids into the 0.7700 level with weak stops on a move through the 0.7680 area however, stronger bids then start to show through into the 0.7650 and ultimately the 0.7600 area and likely to continue in that fashion through to the 0.7550 area.
  • EUR: Slightly lower opening saw the market rising from the 1.2162 level to test above the 1.2172 area into the Tokyo fix before slowly drifting through to the 1.2160 area before running to the grey hour holding the opening levels, Topside offers congested through to  the 1.2300 level with weak stops limited through the 1.2320 area and long term trend line around the 1.2345 area likely to see strong offers before weak stops opening the topside to further gains through the 1.2400 level. Downside bids into the 1.2140-60 level likely to be light and then increasing through the 1.2120 level to 1.2080 before weak stops appear and open up a deeper move through to the 1.2000 level with very little congestion until that point.

 

 

 

Overnight News

 

USD:

Yellen says higher interest rates would be plus for US, Fed – BBG

Clock is ticking for Republicans on infrastructure, Biden official say – RTR’s

G7:

Tech giants and tax havens targeted by historic G7 deal – RTRs

EUR:

Conservative win in German state election boosts Laschet’s chancellery hopes – RTR’s

GBP:

BoE’s Cunliffe says economy is bouncing back quite strongly – BBG

CNY/USD:

China’s May total trade with US +24.6% YoY To $57.99b – BBG

AUD:

S&P revises Australia outlook to stable affirms rating

RBA’s flexible QE may be coming – AFR

 

Today’s Data

NZD Holiday Queens Birthday

CNY       Trade Balance (USD) (MAY) A 45.53b | C 50.50b | P 42.86b

CNY       Exports YoY (MAY) A 27.9 | C 32.1% | P 32.3%

CNY       Imports YoY (MAY) A 51.1% | C 51.5% | P 43.1%

0645      CHF        Unemployment Rate n.s.a. (MAY) A | P 3.3%

0645      CHF        Unemployment Rate s.a. (MAY) A | P 3.1%

0700      EUR       German Factory Orders MoM (APR) A | C 1.0% | P 3.0%

0730      CHF        CPI MoM (MAY) A | C 0.3% | P 0.2%

0830      GBP        Halifax House Price Index YoY A | P 8.2%

 

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.

LMAX Exchange Market Commentary   Andy Harrison  

Any opinions, news, research, analyses, prices or other information ("information") contained on this Blog, constitutes marketing communication and it has not been prepared in accordance with legal requirements designed to promote the independence of investment research. Further, the information 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. LMAX Group 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 Group 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 produced information was obtained from sources deemed to be reliable, LMAX Group 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. It is not a place to slander, use unacceptable language or to promote LMAX Group or any other FX 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.