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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.
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Free AccessCiti note that their "first estimate of.......>
FOREX: Citi note that their "first estimate of May's month-end FX hedge
rebalancing flows points to a modest need for USD selling. The signal to sell
USD measures -0.6 historical standard deviations across all G10 pairs. Following
months of elevated asset price volatility, May has seen relatively small moves
in global equities and bonds. Global equities have continued to edge higher with
the +2.4% gain in the MSCI United States among the better performers. Major
global government bond indices have declined somewhat in local currency terms.
The signal to sell USD is entirely driven by global equity investors'
rebalancing needs as the gain in the US market has likely left them
under-hedged. EUR/USD buy-signal at +0.74 standard deviations is the strongest
at the moment as the relatively poor performance of Euro Area assets means there
will likely be less offsetting need to also sell EUR. No major data releases are
currently scheduled ahead of the month-end fix on 29 May. Month-end rebalancers
will likely pay attention to the ECB speech and Euro Area CPI released earlier
in the morning."
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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.