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Free AccessEUR/USD Sinks to New May Low as Long-Held Support Gives Way
- EUR/USD slipped through to fresh May lows in early European hours, taking out the congestion support at 1.0941-42 on the fourth attempt. The level had previously been tested (and held) in early May, and twice more this week alone. As such, the USD is the firmest currency in G10 at the NY crossover, allowing the USD Index to narrow the gap with the early May high at 102.404.
- AUD is the laggard amid a softer base metals backdrop. Iron ore prices retraced across Asia-Pacific trade, and a miss on expectations for China aggregate financing will have added extra weight. AUD/USD through yesterday's lows of 0.6744 and has pierced the 200-dma to suggest the early May recovery in the pair may be at risk of reversing. 0.6686 marks the next key level for the pair.
- Equity futures across both Europe and the US sit higher, having erased a modest downtick at the European cash open to point to a firmer open on Thursday.
- The Bank of England rate decision crosses later Thursday, with consensus looking for a 25bps hike from the MPC, and no over-arching change to guidance on future policy. Weekly US jobless claims data and the April PPI read follow shortly afterwards.
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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.