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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
- Net long specs on the US Dollar decreased slightly in the week ended May 17, down 3.3K to a total of 175K contracts.
- Even though market uncertainty remains elevated as global slowdown accelerates, DXY index continues it ST ‘bear’ consolidation, gradually approaching its ST support at 102.
- A break below that level would open the door for a move down to 101.05, which corresponds to the 38.2% Fibo retracement of the 94.9290 – 105 range and the 50DMA.
- However, hawkish Fed combined with surging stagflation risks should support the US Dollar in the medium term against major crosses.
- The 100.50 – 101.05 represents a strong support zone for the DXY index where the Dollar could receive support as investors remain skeptical that risk on currencies such as Sterling or the Euro could experience strong rebound in current environment.
Source: Bloomberg/MNI.
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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