Free Trial

Early risk-off 'FX manipulator' headlines....>

DOLLAR
DOLLAR: Early risk-off 'FX manipulator' headlines were countered after the PBoC
said it will auction CNH30bn worth of bills and fixed the USDCNY mid-point below
expectations. The issuing of this debt should reduce liquidity which has seen to
underpin the local Chinese currency.
- USDJPY witnessed a volatile session, the pair recovered off session lows of
Y105.52 to Y107.09, before fading at the European crossover. Last Y106.65/70.
- The DXY briefly traded under the 100-dma (97.30) to 97.20, before staging a
recovery to hold 97.55/60. Initial resistance is seen at 97.86 from the 38.2%
retracement of the Aug fall, a break opens the 98.00/10 zone which has
registered a series of hourly highs/lows.
- Early risk-off saw gold further extend to multi-year highs of $1474.93, but
has given back some gains. Last $1460.60. The 50% long-term retracement comes in
today at $1484, expect protection behind ahead of the psychological $1500 level,
a break opens the monthly trend channel top around $1508.
- Brent & WTI witnessed a sharp bounce off traded lows as risk assets regained
poise. Light on the US calendar today, Fed's Bullard is due to speak at 1705GMT.

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.