Free Trial

Dollar touches best levels of the week........>

FOREX
FOREX: Dollar touches best levels of the week ahead of GDP release
-After a relatively quiet Asia/European crossover, the dollar managed to regain
some lustre courtesy of a short, sharp bout of selling pressure in EUR/USD which
coincided with a volume surge in CME EUR/USD futures which helped press spot
below $1.1650. EUR/USD sits at session lows of $1.1625 at writing.
-USD/JPY broke below Y111 in the Asia-Pac session as Japanese yields rose
further - prompting the BoJ to step in with a 2nd 'special' operation which
succeeded in pulling back yields and lifting USD/JPY back towards yesterday's
high.
-SEK's the weakest in G10 following another bout of poor data: retail sales
slipped 1.8% on the month, well below expectations of 0%, prompting EUR/SEK to
break above the 50-dma and eye the 100-dma at Sek 10.3062.
-The USD recovers ahead of the advance print of Q2 GDP at 1230GMT, expected at
4.2% on an annualised basis, which appears to have been talked up strongly by
the White House and Trump, who stated "I believe they'll be terrific". July
final Uni. of Michigan data is also due.

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.