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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.
USD
The broader BBDXY formed a golden cross at yesterday’s close (50-DMA > 200-DMA), following the same technical formation in the narrower DXY in late March.
- The previous golden cross formation for the BBDXY (Sep ’23) triggered a quickfire 2% rally.
- The next upside target in the broader BBDXY is seen at the Nov 10 ’23 high (1,269.41).
- Last week’s U.S. CPI data and related hawkish Fed repricing has provided fresh USD demand (particularly as the ECB is still guiding towards a June rate cut), with elevated geopolitical angst surrounding the Middle East also factoring in.
- Both the increased threat of and delivered FX intervention out of Asia has provided little counter to the USD rally in recent days, with continued focus on potential PBoC and Japanese actions.
Fig. 1: Bloomberg U.S. Dollar Index (BBDXY)
Source: MNI - Market News/Bloomberg
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
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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