MNI BRIEF: US May Existing Home Sales Pace Falls 0.7% To 4.11M

MNI INTERVIEW2: Uninsured Bank Deposits Still Vulnerable-Bair

CANADA APR RETAILS +0.7%, MATCHING FORECAST, PRIOR -0.3%

MNI BRIEF: China Hopes EU To Ease Frictions Via Negotiations

MNI: PBOC Net Injects CNY8 Bln Via OMO Fri; Rates Unchanged

MNI: PBOC Sets Yuan Parity Higher At 7.1196 Fri; -1.41% Y/Y

MNI: BAKER HUGHES US RIG COUNT 588; OIL RIGS 485; GAS RIGS 98

EZ/UK Bond Supply Calendar: EU Auction, BoE APF Monday

EZ/UK T-Bill Calendar: Germany, France Auction on Monday

RPT-MNI: Canada Sticks To Fiscal Anchors, Spends Chunk Of Windfall

MNI BRIEF: Poilievre Calls QE 'Scam' And Would Limit BOC Remit

MNI: Growth Drag From Net Zero Carbon Goal Can Be Offset-OECD

© 1982-2024 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

EUR/USD $1.2160 Key to Keep Rate Buoyed. ECB Thursday Moves Into Focus

EUR
MNI (London)
  • Market had geared up for a strong NFP release Friday, which, if had occurred would have brought in the Fed's taper timetable. The release was an improvement from Apr but missed expectations which dampened the taper outlook and prompted USD sales.
  • EUR/USD saw a low of $1.2104 in pre release trade before it spiked to $1.2185 in data reaction before it settled on $1.2160, closing the week at $1.2167.
  • Rate marked an opening low of $1.2151 in Asia before it quickly settled back above $1.2160, with trade restricted to a tight range of $1.2160-73.
  • Support remains at $1.2160/50 ahead of $1.2135/25, stronger into $1.2100/1.2090. Resistance $1.2185/1.2200, a break to expose $1.2220 ahead of $1.2250/55.
  • Germany Factory Orders 0600GMT, EZ Sentix Investor Confidence 0830GMT.
  • ECB rate decision Thursday Jun10 in focus, expected to maintain current pace of purchases under PEPP.
  • US Fed officials move into a self imposed 'blackout' period' ahead of the mid-June FOMC.
  • MNI Techs: EURUSD is trading above last week's low of 1.2104. The pair remains vulnerable though following a sharp pullback Jun 3 that saw price trade below initial support at 1.2133, May 28 low. Recent price action has also highlighted a short-term top at 1.2265, May 25 high and this signals scope for a deeper corrective pullback. The focus is on the 50-day EMA at 1.2099 that also represents a key area of support.
MNI London Bureau | +44 203-586-2231 | john.webb@marketnews.com
BulletMarketsForeign Exchange BulletsHomepage
MNI London Bureau | +44 203-586-2231 | john.webb@marketnews.com
BulletMarketsForeign Exchange BulletsHomepage

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.