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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.
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Free AccessCHF Slides as SNB Become First G10 to Trigger Easing Cycle
- The Greenback is recovering off post-Fed lows, putting the USD Index comfortably above the overnight and Wednesday worst levels. This keeps the USD Index inline with longer-running trends, as the 200-dma holds just above at 103.700. The European session so far has been active, with several rate decisions and key flash PMI releases to digest.
- The Swiss National Bank took markets by surprise in cutting rates by 25bps, putting the headline deposit rate at 1.50% to become the first G10 central bank globally to ease policy in this cycle. With only 7bps of easing priced via OIS markets ahead of the release, CHF corrected lower, tipping EUR/CHF to new cycle highs and narrow the gap with the 0.9800 handle. Resultingly, the CHF is comfortably the poorest performer in DM FX.
- The Norges Bank rate decision saw rates unchanged, but the policy path projections erred hawkishly, with markets expecting a larger downward revision due to recent developments in inflation and the NOK. As a result, NOK trades firmer tipping EUR/NOK to pullback lows of 11.4846.
- PMI data has generally fared lower-than-expected, with French and German flash PMI numbers weaker than market forecast. This took some wind out of the sails of the single currency, tipping EUR/USD lower by ~20 pips headed into the NY crossover.
- The Bank of England rate decision ahead takes focus - with the Bank seen keeping rates unchanged. The MPC vote split will be of particular focus, given the risks of a three-way split among the council. Weekly US jobless claims are also due, as well as the existing home sales release for February. Fed's Barr will be the first speaker following yesterday's FOMC
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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.