Free Trial

Better bid in Equity keeps the lid on USD

FOREX
  • The Dollar has been offered during our European morning session, and this was a continuation from the Overnight/Asian session.
  • Equities have been the driver of cross assets this week, following the big slump on Monday.
  • Today is not different, as Equity consolidate higher, the Dollar turns offered.
  • Regardless, Equities are still far away from Friday's best levels.
  • The Greenback trades in the red against all G10s, besides the Yen, on Risk on flow.
  • Pound continues to struggle this morning, Energy risks are still weighing, EURGBP is through the initial resistance at 0.8595 High Sep 20/21.
  • And now eye 0.8614/18 High Sep 7 / 76.4% of the Jul 20 - Aug 10 sell-off.
  • The Kiwi, NOK, CAD and AUD are all leading versus the USD.
  • USDNOK has tested initial support noted at 8.6492, printed a 8.6484 low.
  • NZDUSD resistance moves down to 0.7041, followed by yesterday's high at 0.7056. So far 0.7031 is the high.
  • Looking ahead, we have no tier 1 data and all the attention is on the FOMC and presser.

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.