Andy Harrison
Good Morning,
LMAX Close
USDJPY 110.671 | EURUSD 1.19411 | AUDUSD 0.75535 | NZDUSD 0.70278 | USDCAD 1.2306 | USDCHF 0.91828 | GBPUSD 1.39487 |
LMAX Highs and Lows 0500 GMT
Highs | Lows
EURUSD 1.19434 | 1.19192
USDJPY 110.853 | 110.622
GBPUSD 1.39563 | 1.39241
USDCHF 0.91994 | 0.91826
AUDUSD 0.75597 | 0.75381
NZDUSD 0.70252 | 0.69959
USDCAD 1.23268 | 1.23051
EURCHF 1.09660 | 1.09586
EURGBP 0.85649 | 0.85524
EURJPY 132.222 | 132.045
For Today
- GBP: Moving through from the opening into Tokyo and the Fix saw the market holding around the 1.3950 area before showing a slow drift through to the 1.3925 area and another tight range basing on the level to the grey hour, Topside congestion through to the 1.3960 level before weaker sellers continue through the 1.4000 level and likely stronger stops above the level with limited resistance through to the stronger 1.4100 level and congestion several weeks deep. Downside bids light through the 1.3900 level with stronger bids then increasing on a move through the 1.3850 area and into the 1.3800 level strong stops likely on a test through the 1.3770 area and opening for a deeper move.
- JPY: Quiet run from the opening into the Tokyo Fix holding around the 110.65 level and then moving steadily through to the 110.85 area to make the high and a quiet range around the 110.75 level through to the grey hour, , topside stronger offers start to appear on any move towards the 110.80 level and likely to continue through the 111.20 level before stops appear however, stronger offers around the 111.50 level likely to limit the first move higher. Downside bids light through to the 109.00 and congestion all the way through, a push through the 108.80 level will likely see weak stops appearing and the market then seeing light congestion to the 108.50 and stronger bids from there on.
- AUD: Making early highs in the Tokyo fix with the market lifted off the 0.7550 opening levels to test the 0.7560 area before immediately dropping back to the opening levels and slowly pushing through to range for a short period around the 0.7540 area lifting only a little before dipping back again for the run to the grey hour, light congestion to the Topside through the 0.7550 area however, a push through sees very little to slow the market through to the 0.7620 area and likely weak stops starting to build in the area, downside bids light and weak stops likely on a dip through todays lows and the market opening for a test through to the 0.7350 level with little trouble before stronger congestion through into the 0.7300 level.
- EUR: Drifting from the opening 1.1940 area to fall back in the Tokyo session steadily to the 1.1920 area for the run to the grey hour, Light downside bids through the 1.1900 level and weak stops on a dip through to open another run through to the mid 1.18 levels and stronger bids below the 1.1820 level, Topside offers into the 1.1960 area and increasing on any push to the 1.1980-1.2020 area before stronger stops appear opening another push highs.
Overnight News
CNY/USD:
China comments on US destroyers sail through Taiwan straits – RTRs
China says its military ready to respond to all provocation – RTRs
AUD/CNY:
Iron ore exports to China hit another peak – AGN
Xi’s China is dogged by insecurity says Australian diplomat Adamson – BBG
GBP:
Official data showed more people are now dying from flu and pneumonia than Covid in Britain as vaccinating of 18-year olds starts – BBG
Jabbed up Britain getting on top of delta wave – BBG
AUD:
RBA’s Ellis says policy supports aiding structural adjustments – BBQ
CBA sees Australia Central Bank raising cash rates in Nov 22 – BBG
Why rising house prices are making central bankers nervous – BBG
CNY:
China should be alert to Yuan depreciation risks – BBG
USD:
Powell plays down inflation, nods to higher than expected prices – BBG
Today’s Data
JPY Monetary Policy Meeting Minutes
JPY Services PMI (JUL) (P) A 47.2 | P 46.5
AUD RBA Assist Gov. Ellis Speaks
0830 EUR German Manufacturing PMI (JUN) (P) A | C 63.0 | P 64.4
0830 EUR ECB’s De Guindos Speaks
0830 EUR German Services PMI (JUN) (P) A | C 55.5 | P 52.8
0900 EUR Manufacturing PMI (JUN) (P) A | C 62.1 | P 63.1
0900 EUR Markit Composite PMI (JUN) (P) A | C 58.8 | P 57.1
0900 EUR Services PMI (JUN) (P) A | C 57.8 | P 55.2
0930 GBP Composite PMI (P) A | P 62.9
0930 GBP Manufacturing PMI (P) A | P 65.6
0930 GBP Services PMI (P) A | P 62.9
1330 USD Current Account (Q1) A | C -206.8b | P -188.5b
1330 CAD Core Retail Sales MoM (APR) A | C -5.0% | P 4.3%
1330 CAD Retail Sales MoM (APR) A | C -5.0% | P 3.6%
1410 USD FOMC Member Bowman Speaks
1445 USD Manufacturing PMI (JUN) (P) A | C 61.5 | P 62.1
1445 USD Markit Composite PMI (JUN) (P) A | P 68.7
1445 USD Services PMI (JUN) (P) A | C 70.0 | P 70.4
1500 USD New Home Sales MoM (MAY) A | P -5.9%
1500 USD New Home Sales (MAY) A | C 870k | P 863k
1530 USD Crude Oil Inventories A | C -3.942m | P -7.355m
1600 USD FOMC Member Bostic Speaks
Harry Hindsight
- GBP: Opening on the early highs and a slow drift through the session falling from the 1.3935 area to test the 1.3900 level into midsession in Tokyo holding quietly through to the grey hour again testing the 1.3900 level and London following through to push through to the low around the 1.3860 area, the market held the level then a slow rise through to the figure level again for the move into the NYK session again pausing, the push to the London close saw the market rising again and the market tested through to the 1.3935 opening levels and a few weak stops saw the market quickly test the 1.3965 area before holding around the 1.3950 area for the close.
- JPY: Rising into the Tokyo session before ending the Tokyo fix falling through to the 110.20 low of the day, from there the market recovered after a brief period and then slowly pushed through to the 110.50 level into the grey hour before ranging in the London session only to start a slow climb into the NYK session to push initially to the 110.70 area and finally testing the 110.80 area before drifting to the 110.65 area for a quiet run to the close.
- AUD: Opening lower and then filling the gap from the 0.7530 area to test into the Tokyo session around the 0.7542 area before dipping for the Tokyo fix and a steady drift through to the grey hour holding the 0.7515 area, London sold through to the lows of the day and held quietly for an hour before slowly rising into the NYK session opening and a ranging market from the 0.7520, the move through the London close saw the Oz pushing steadily through to the highs testing the 0.7565 level before sitting back 10 pips for the close.
- EUR: A slow decline through to the NYK session with the market opening around the early 1.1920 level only to slip steadily lower to move into the grey hour testing the 1.1890 level, a limited recovery with Europeans lightly buying before London sold through to test to the 1.1880 level and attempting the level a couple of times with NYK joining in on the second attempt lower and bouncing off the level to make it back to the 1.1910 level again, quiet ranging through to the last hour of London and a quick stab through to the 1.1940 level and congestive orders slowing the ascent pushing above the 1.1950 level for the highs before dropping back for the close.
Premier Results
GBP CBI Industrial Trends Orders (JUN) A 19 | C 18 | P 17
EUR German BuBa Wuermeling Speaks
USD Existing Home Sales (MAY) A 5.80m | C 5.72m | P 5.85m
USD Existing Home Sales MoM (MAY) A -0.9% | P -2.7%
EUR ECB’s Lane Speaks
USD FOMC Member Daly Speaks
EUR ECB’s Schnabel Speaks
USD Fed Chair Powell Testifies
USD API Weekly Crude Oil Stock A -7.199m | P -8.537m
Best Regards
Andy
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