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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.
AUD
After meeting resistance at €0.62 last week the 20-Day EMA provided support to AUD/EUR. An ~0.6% rally yesterday saw the pair tick above the measure as early May gains are consolidated.
- The AUD was boosted by firmer risk appetite, the S&P500 rose 0.3% and BBDXY fell 0.3%, and higher commodity prices as Bloomberg commodity spot index rose ~1.1%.
- Bulls now target a break of €0.6197 the high from 10 May, which opens up the 200-Day EMA (€0.6359).
- The 20-Day EMA is the first downside target for bears, a break through here opens year to date lows at €0.5959.
- The minutes from the RBAs May meeting cross this morning, further out we have the preliminary print of Q1 Eurozone GDP a rise of 1.3% Y/Y is expected.
Fig 1: AUD/EUR Daily Spot, EMAs
Source: MNI/Bloomberg
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.
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