Free Trial
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.
FOREX
- Currency markets continue to keep a very close eye on EUR/USD as the pair trades at new multi-decade lows and within striking distance of the key psychological parity level - a price markets haven't traded below since 2002.
- Today's test of the level is notable for a number reasons - the USD is seeing broad-based strength as has been the case in a number of recent sessions, but the EUR is also weaker on Tuesday, with a soft ZEW Survey and continued concerns surrounding the outage of the Nord Stream pipeline knocking sentiment.
- Additionally, today 1.0000 does not only mark psychological support, but also the base of the bear channel drawn off the February high (see chart below) - a technical indicator that has successfully provided support on numerous occasions this year. Additionally, this week's price action has put EUR/USD solidly in oversold territory. On an RSI basis, EUR/USD is now the most technically oversold since Q1 2020 and the depths of the COVID crisis.
- GBP is the worst performer in G10 so far Tuesday, closely followed by the EUR. JPY is seen strongest, closely followed by the dollar.
- With no major data releases due Tuesday, focus turns to speeches from ECB's Villeroy, Fed's Barkin and BoE's Bailey.
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.
We are facing technical issues, please contact our team.
ok
Your request was sent sucessfully! Our team will contact you soon.
ok