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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.
FOREX
- Immediate political risk uncertainty in Europe has dissipated, as markets turn their focus to the more medium-term aspects of political paralysis for the French Government and the fiscal trajectory for a new labour government in the UK. Markets will be aware of UK Chancellor Reeves talking at 1030BST, however, her comments are unlikely to provide any market-moving information, given the need to wait for new OBR forecasts in the Autumn.
- As such, EURGBP has been consolidating just below Friday’s closing level around 0.8455 and a bearish outlook remains intact for the cross. This view has been strengthened after respecting a key pivot resistance at 0.8500 last week, and the 50-day EMA also capping the upside.
- A clear breach of this average is required to undermine the current bearish theme and signal scope for a stronger recovery.
- Gains since Jun 14 appear to be a correction and initial firm support to watch lies at 0.8431, the Jun 25 low. A breach of this support would refocus attention on 0.8397, the Jun 14 low and bear trigger.
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.
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