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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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Get the latest on Central Bank Policy and FX & FI Markets to help inform both your strategic and tactical decision-making.
Free AccessMNI ASIA MARKETS OPEN: Tsy Curves Reverse Course Ahead Wed CPI
MNI ASIA MARKETS ANALYSIS:Waiting For Next Inflation Shoe Drop
Key Inter-Meeting Fed Speak – Dec 2024
US TREASURY AUCTION CALENDAR: Avg 3Y Sale
Crude Nudges Lower Whilst Gold Takes Another Step Nearer Support
- Crude pulls back from highs seen last week as market focus turns to oil demand growth in China with concern for a worsening property sector ahead of official data released this week. Further, a push higher in Treasury yields and USD acted as a headwind for risk assets.
- Crude managed money net long positions remain stable, but diesel positioning continues to increase according to Friday’s CFTC data. The combined net long positions for Brent and WTI decreased slightly from the 15 week high seen the previous week, by -6k to 397k. ICE Gasoil net positions extended the recent gains up to the highest since March 2022 and Nymex diesel the highest since Feb 2022 amid tight global diesel markets.
- Crude in floating storage that has been stationary for at least seven days fell by 4.2% last week to 99.67mn bbl as of 11 August.
- WTI is -0.7% at $82.57 and keeps within technical ranges with resistance at $84.89 (Aug 10 high) and support at $78.69 (Aug 3 low).
- Brent is -0.6% at $86.26 and keeps to technical ranges with resistance at $88.10 (Aug 10 high) and support at $82.36 (Aug 3 low).
- Gold is -0.3% at $1908.69, coming under pressure from the aforementioned FI sell-off and US dollar strength. The yellow metal touched a low of $1902.78 to take another step closer to support at $1902.8 (Jul 6 low) before bouncing as Treasuries pared losses and the USD index pulled back off highs.
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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.