Free Trial

As markets continued to react to the late.....>

FOREX
FOREX: As markets continued to react to the late Friday Senate US Tax Bill
passing, Eur/Usd pressed below the Asian base of $1.1851 to $1.1843 after seeing
early Usd demand in Europe. The pair reached lows of $1.1836 before sharply
reversing and paring nearly all of its earlier losses. Cable reacted to press
reports saying an unnamed EU official said that Brexit negotiations for a deal
are 90% of the way there. Rate spiked to $1.3514 but the move quickly lost
momentum as European Court of Justice jurisdiction and Irish border concerns
were seen still providing hurdles. The pair eased to $1.3450 with market on
Brexit headline watch for direction. PM May is in Brussels to meet EU Juncker
today. Gbp/Usd jumped from around $1.3432 to $1.3443 on release of stronger than
forecast UK Construction PMI data, 53.1 vs forecast 51.0 and last 50.8. European
participants extended reaction to news that the US senate passed the tax bill
has seen Usd/Jpy touch highs of Y113.07 before fading. The pair pulled back off
the daily high (Y113.07) extending to Y112.79 with added weight from soft UST
yields. Aud/Usd recovered off European pullback lows ($0.7580), moved through
$0.7600 and held firm as pair recovered all of its earlier losses.

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.