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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
- Greenback comfortably the poorest performer in G10 early Friday and extending losses here: EUR/USD's new daily high sits just shy of the 1.06 handle and the Tuesday high of 1.0609. The fading USD has allowed the technically oversold condition in EUR/USD and GBP/USD to fully reverse - suggesting this USD dip could be corrective in nature at these levels.
- Yesterday's close secured a 'death cross' in EUR/USD (50-dma falling bellow 200-dma), the first since mid-2021, and shows near-term momentum clearly pointed lower in the pair.
- Worth recalling the majority of sell-side month-end FX rebalancing models all pointed to USD buying into the month-end fix, so markets may be wary heading into US hours of underlying USD demand.
Figure 1: EUR/USD forms death cross for first time since mid'21
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
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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