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Why MNI
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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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Free AccessMNI BRIEF: China November PMI Rises Further Above 50
MNI US Macro Weekly: Politics To The Fore
EUR/USD has consolidated in the wake....>
EURO-DOLLAR: EUR/USD has consolidated in the wake of yesterday's post-ECB
rollercoaster and last trades unchanged at $1.1065.
- The rate spiked to a reaction high of $1.1069 before taking a nosedive
immediately thereafter as the ECB announced their latest policy decision. The
Bank deployed a combination of stimuli, including a 10bp cut to the deposit
rate, tiering, stronger forward guidance, extended targeted longer-term
refinancing operations and "infinite APP." the initial uptick might have been
driven by lower than exp. size of announced asset purchases. EUR/USD promptly
extended losses to bottom out at $1.0927, just above the cycle lows.
- Investors eagerly resumed EUR/USD buying as ECB Pres Draghi ruled out
competitive devaluations and downplayed potential for recession. Further support
came in the way of a BBG sources piece pointing to unprecedented fractions among
ECB members, with governors from core EZ leading resistance against resuming QE.
Resulting rally allowed the rate to close 55 pips better off.
- Bulls look to yesterday's high of $1.1087; bears eye the $1.1055 21-DMA.
- EZ trade balance is due later today; EU FinMins meet for a two-day summit.
To read the full story
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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.