· A quiet session just for a change through the Asian market with and early dip on EURJPY selling to the 1.1230’s before recovering to test to the opening levels in the mid 1.1250’s and holding above the level through into the London session, Topside offers from the 1.1280 levels dominate the market through to around the 1.1320 areas before the likelihood of stops appear however, even through this level there is likely to be congestive offers extending through to the 1.1360 areas before we approach stronger offers still into the 1.1400 level, downside bids light back through the 1.1200 areas with weak stops likely to appear on a break of the 1.1180 areas with stronger bids likely to start appearing through the 1.1160 areas and likely to increase to the 1.1140 level, for the moment German IP stands out for the day.
Cable drifted throughout the session unable to capitalize on the move above the 1.3400 levels not seen since June, opening around the 1.3440 levels the market has gradually eased back to trade along the 1.3410 level into the move to London with little impetus and expectant of IP and MP numbers expected today both of which show expectations of a weaker number for the monthly figures through the summer months Topside offers through the 1.3450 levels are likely to quickly give way to stops and the market then likely to be lightly offered around the 1.3500 levels with only slightly stronger offers on any approach of the 1.3600 area. Downside bids light through the 1.3400 levels with possibly stronger bids around the 1.3350 levels and congestive bids through to 1.3300 a push through this level will likely see weak stops coming into play and a deeper move possible to a stronger 1.3200 area.
The USDJPY held the 102.00 areas through to the Tokyo opening then dropped quickly differences appearing in the BoJ members on what is required to reach the governments targets, this set the JPY higher as the certainty of easing slowly disappears as it has so many times before and the USDJPY dropped quickly back into the 101.30 areas, test through the level eventually to 101.20 but never really recovering and holding through to the London session around the 101.40. Topside offers light through to the 102.20 areas however, possibility of weak stops on a push through the level and this could cause a small squeeze higher however, with just the beige book for the US this may be a stretch, Downside bids through the current levels with more congestion and stronger bids likely to appear on a push through the figure and these bids are likely to strengthen in size on any dips below the 100.50 areas and onwards.
The Oz again dominated by cross plays more than anything else with the Oz attempting to push through the 0.7690 areas early in Tokyo as the USDJPY dropped back however, once the Oz failed the level the JPY buying was sufficient to set the lows in the Oz around the 0.7655 area and then drifting a little higher for the push into London holding above the 0.7670 areas. Offers into the 77 cent level are likely to extend through to the 0.7750-60 areas before any weaknesses appears, a push here is likely to see stops appearing on the move through the level and the market quickly pushing to the 78 cent levels however, this will open a challenge of the years highs and the possibility of further buying moving in. Downside bids light through to the 0.7550 areas with that strength likely to continue through to the 0.7480 areas before the market contemplates a short term reversal and an opening to the 74 cent level.
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