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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.
FOREX
- A moderate downside surprise for Swiss inflation data on Thursday has weighed on the Swiss Franc, and combined with the supportive combination of factors for the Aussie, AUDCHF (0.13%) might be set to extend its winning streak to 13 consecutive sessions.
- Yesterday, we pointed out how AUDUSD remains well underpinned by firmer local data, the latest strength for major equity indices and the relatively hawkish expectations for the RBA. Following the US ISM figures, AUDUSD breached key resistance at 0.6714, the May 16 high, a bullish development that might be required to build topside momentum for AUD crosses.
- Together with the soft Swiss CPI, this morning’s price action briefly saw AUDCHF extend its recovery from the June lows to more than 3.5%, and in the process, break a downtrend line drawn from the 2023 highs. Exponential moving average indicators are in bull mode.
- Next resistance levels of note are at 0.6100 and 0.6169, areas that could come under threat should the CHF be bolstered as the funding currency of choice, as concerns remain over potential Japanese intervention in the JPY.
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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