TEST FROM BANK OF CANADA, PLEASE IGNORE

MNI BRIEF: US Existing Home Sales Fall 5.4% To 3.89M In June

MNI BRIEF: China Wants U.S. Firms To Deepen Investment

MNI China Daily Summary: Tuesday, July 23

MNI: PBOC Net Drains CNY408.7 Bln Via OMO Tues

MNI: PBOC Sets Yuan Parity Lower At 7.1334 Tues; -1.30% Y/Y

US Treasury Auction Calendar

BoC Data Watch

EZ/UK T-Bill Calendar: 26-Week GTB Auction on Wednesday

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

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

EUR/USD Finds Support at $1.1920/10 but Recovery Efforts Laboured

EUR
MNI (London)
  • Recovery off the recent lows of $1.1848 extended Friday to $1.1975 before reversal through the 1600BST fix to $1.1926, edging back to $1.1942 ahead of its close at $1.1936.
  • Rate nudged to $1.1942 in early Asia before turning lower again, the rate touching a low of $1.1920 after meeting demand from around the $1.1925 level.
  • Support is noted between $1.1920/10, a break of $1.1900($1.1897 61.8% 1.1848-1.1975) to expose $1.1880($1.1881 Jun22 low, $1.1878 76.4% $1.1848-1.1975) ahead of $1.1848(Jun18-21 lows).
  • Option expiries of note for today's NY cut include a total of E1.5bln EUR puts that roll off between $1.1900-25, E1.1bln EUR puts at $1.1950.
  • Resistance $1.1942/50 ahead of $1.1975 with further headwinds expected from $1.1985 through to $1.2000.
  • A light data calendar Monday with attention on central bank speakers. ECB Panetta 0810GMT, ECB Weidmann 1200GMT, Guindos 1400GMT.
  • US Fed Williams(dove) 1300GMT.
  • Focus this week on US Employment, Thursday weekly claims, Friday NFP and possible effects on taper timetable.
  • MNI Techs: Price has cleared the 50-day EMA and 1.2104, Jun 4 low, highlighting a bearish theme and this has also confirmed a bearish price sequence of lower lows and lower highs. Attention is on 1.1837, a Fibonacci retracement where a break would open 1.1704, Mar 31 low and a key support. On the upside, initial firm resistance is 1.2006, the Jun 17 high.
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.