MNI BRIEF: BOJ Tankan: Business Inflation Expectations Solid

MNI BRIEF: RBA Details Hypothetical Monetary Policy Paths

MNI: PBOC Net Injects CNY14.2 Bln via OMO Friday

MNI: PBOC Sets Yuan Parity Higher At 7.1876 Fri; -1.22% Y/Y

MNI BOJ DEC TANKAN LARGE MFG INDEX +14; SEPT 13; MEDIAN +12

MNI INTERVIEW2: Poland To Push For EU Defence Fund

MNI: UK DEC GFK CONSUMER CONFIDENCE INDEX -17

EZ/UK Bond Supply Calendar: Belgium ORI Facility on Friday

US EIA:NAT GAS STORAGE -190 BCF TO 3,747 BCF DEC 06 WK

MNI EXCLUSIVE: EU-Mercosur Deal Close, But Likely Short-Lived - Officials

AUSTRALIA: 2025 Election Outcome Looking More Uncertain According To Newspoll

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

EUR/USD Recovery Efforts Struggle. Needs Break of $1.1840-60 to Boost Upside Hopes

EUR
MNI (London)
  • Positive COVID vaccine news Monday provided the added risk lift to take rate through $1.1900, posting a high of $1.1920 before momentum faded.
  • A mix of profit taking and reaction to move higher in UST yields acted to press rate down to $1.1796 into the 1600GMT fix(also moved it back below $1.1900 where large expiring EUR calls had strikes).
  • Recovery in NY was capped at $1.1836, closing at $1.1813.
  • USD traded with a weaker tone in Asia, allowed EUR/USD to extend recovery slightly to $1.1838 but failed to garner any major upside momentum. Corrective easing met support at $1.1820.
  • Germany ZEW at 1000GMT, expected to show a move lower due to second COVID wave effects. ECB Knot speaks at 1400GMT.
  • Fed Kaplan, Rosengren, Bostic, Quarles, Brainard appear through the afternoon.
  • Support $1.1820, $1.1800/1.1795 ahead of $1.1775/70. Resistance $1.1838, $1.1850, $1.1873-91(61.8%-76.4% $1.1920-1.1796).
  • MNI Techs: EURUSD retraced yesterday, however, this is likely a correction with the pair maintaining a bullish tone following last week's gains, and most recently, the breach of key resistance at 1.1881, Oct 21 high. Break here paves the way for a climb towards 1.2011, Sep 1 high. Today's bull trigger is 1.1920, yesterday's high. Key support has been defined at 1.1603.
MNI London Bureau | +44 203-586-2231 | john.webb@marketnews.com
BulletMarketsForeign Exchange Bullets
MNI London Bureau | +44 203-586-2231 | john.webb@marketnews.com
BulletMarketsForeign Exchange Bullets

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.