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.
EUR
EUR/USD trades south of its 200-DMA & $1.08, with the broader USD bid in Asia.
- Headlines surrounding China easing rules for it’s housing market allow the cross to find a little bit of a base ahead of London hours, last $1.0785, after showing below $1.0780.
- Technically, the trend needle in EUR/USD continues to point south and this week's move lower reinforces the current bearish condition. Price continues to weaken inside a bull channel drawn from the Mar 15 low and is approaching the base at $1.0769. This level is seen as a key support. Initial firm resistance is seen at $1.0921, the 20-day EMA.
- Comments from ECB’s Nagel, showing continued worry re: inflation, did little for the EUR, with the Bundesbank chief also noting that the Bank needed to assess incoming data to judge if further rate hikes are necessary.
- Elsewhere, ECB’s Vujcic pointed to the need to assess incoming data, while noting that rates are “now certainly in the restrictive territory.”
- Final Q2 German GDP was in line with preliminary estimates.
- The German IFO survey is due later.
- Elsewhere, ECB speak from Jackson Hole is eyed, with comments from Lagarde (2000 BST) & Kazaks (1945 BST) due. We will also be on the lookout for ad-hoc speakers.
Fig. 1: EUR/USD
Source: MNI Market News/Bloomberg
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
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