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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
AUD/EUR fell ~0.4% yesterday and is now dealing below the 20-Day EMA. Continuing concerns over the US debt ceiling impasse have weighed on the pair, which prints its lowest level since May 4.
- Since failing to break the €0.62 handle the pair is down ~2.2%, we last print at €0.6060/65.
- A downtrend is now in place, bears year to date lows at €0.5959. €0.5867 the 50% retracement of the 2020-2022 Bull leg is the next downside support level.
- Bulls first look to break the 20-Day EMA (€0.6114) to turn the tide, this opens the €0.62 handle.
- On the wires today we have Australia's Retail Sales for April, the market expects a rise of 0.3% M/M. The prior read was 0.4% M/M.
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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