US NOV FLASH MANUF PMI 48.8 (FCST: 48.9); OCT 48.5

MNI:Largest Canada New Home Price Dip Since `09 Led By Toronto

CANADIAN OCT FLASH RETAIL SALES +0.7%, 4TH STRAIGHT INCREASE

MNI China Daily Summary: Friday, November 22

MNI: PBOC Net Drains CNY345.9 Bln via OMO Friday

MNI BRIEF: Fed Should Explore Central Clearing At SRF-Hammack

EZ/UK T-Bill Calendar: Germany, France Auction on Monday

EZ/UK Bond Supply Calendar: Gilt Syndi; IT, EU Due Monday

MNI: UNIV OF MICHIGAN CONSUMER SENTIMENT FINAL NOV INDEX 71.8

AUSTRALIA: 2025 Election Outcome Looking More Uncertain According To Newspoll

MNI EXCLUSIVE: German Turmoil Dashes EU's Joint-Funding Hopes -Officials

FED: Powell's Time Looks Up, Replacement Could Be Less Willing To Cut Rates?

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

EURUSD Continues To Grind Lower, Pierces Key Support

EUR
  • Since the ECB decision and President Lagarde’s press conference, any upticks for the single currency have been met with solid supply. EURUSD has continued to edge lower over the course of the US session, extending intra-day lows and most recently piercing a key support level from earlier this year.
  • The May 31 low at 1.0635 has represented the key short-term support and a sustained breach will solidify the current downtrend in place. Below here we have 1.0611, the 38.2% Fib retracement Sep’22 - Jul’23 upleg, before 1.0516 the Mar 15 low and a key medium-term support.
  • We noted that EURJPY has now crossed below its 50-day EMA but more notably, the likes of EURAUD, EURCAD have extended losses to over 1%, as the more optimistic tone for equity markets adds particular weight to Euro crosses.
  • Chinese industrial production and retail sales overnight will be the next important release for global risk sentiment. For the Eurozone, final French CPI and Italian trade balance data headline a relatively quiet regional docket. On the US side, empire state manufacturing, industrial production and UMich sentiment data will be released.
  • For good order, ECB president Lagarde is also scheduled to speak again, due to hold a press conference at the Eurogroup meeting, in Spain.
EM BulletHomepageBulletMarketsEmerging Market NewsForeign Exchange Bullets
EM BulletHomepageBulletMarketsEmerging Market NewsForeign 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.