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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.
FOREX
- The dollar index continued its supportive price action, making a fresh 21-month high of 97.95. The greenback strength was best reflected by weakness in EUR and CAD. With a more mixed session for commodities and major US equity benchmarks close to unchanged, JPY and CHF also remained close to Wednesday’s closing levels.
- The break lower in EURUSD confirms a resumption of the broader bearish sequence of lower lows and lower highs, in line with a bearish moving average set-up. Having briefly tested 1.1040, a Fibonacci retracement, the next support level to focus on is 1.0976, 2.00 projection of the Jan - Jun - May ‘21 price swing.
- AUD is a notable standout, continuing the recent streak of outperformance and threatening to close above key resistance at the 200-dma. 0.7326 marked the bull trigger, and further progress should bring attention to 0.7365, 2.0% 10-dma envelope.
- EURAUD fell just shy of 1%, which completes a 10th consecutive losing session for the pair, reaching the lowest levels since 2017. Losses were exacerbated below 1.5275 which represented the lows in 2018 and 2021, an important technical development.
- Aussie and Eurozone retail sales are on Friday’s data docket, however, clear focus is on the US employment report. Consensus is for another strong report including rapid wage growth and falling unemployment as participation remains steady, whilst hours worked are expected to bounce after taking most of the Omicron hit last month.
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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