MNI BRIEF: Canadians Fuzzy On How BOC Hikes Slow CPI, Government's Role

CANADA FLASH MAY GDP +0.1% ON FACTORIES AND REAL ESTATE

MNI China Daily Summary: Friday, June 28

MNI BRIEF: BCB Evaluating Real Depreciation Impacts - Galipolo

MNI BRIEF: PBOC Pledges to Curb Any Overshoot Of The Yuan: MPC

MNI: PBOC Net Injects CNY40 Bln Via OMO Fri; Rates Unchanged

MNI: BAKER HUGHES US RIG COUNT 581; OIL RIGS 479; GAS RIGS 97

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

EZ/UK Bond Supply Calendar: BoE APF on Monday

RPT-MNI: Canada Sticks To Fiscal Anchors, Spends Chunk Of Windfall

MNI BRIEF: Poilievre Calls QE 'Scam' And Would Limit BOC Remit

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

EURUSD Pops As Greenback Wilts Approaching Month/Year-End

FOREX
  • Despite the early broad based dollar strength on Wednesday, the greenback had a powerful turnaround. The dollar index fell from 96.40 highs all the way to 95.80 as value date month-end fixing approached.
  • EURUSD very firmly off the lows, regaining the 1.13 handle and clearing congestion resistance layered between 1.1342-44. The single currency went on to trade 1.1369 ahead of the fix before retreating and settling around 30 points lower.
  • With the December highs at 1.1360 challenged, the focus turns to key resistance at 1.1383, Nov 30 high. A break of this hurdle is required to signal a stronger recovery.
  • The move lower in the US dollar also benefitted AUD, NZD, GBP and CAD. AUDUSD came within touching distance of 0.7275, a Fibonacci retracement. For bulls, the clear break of 0.7224 signalled a resumption of short-term bullish activity as the pair continues to edge away from strong medium-term support just below the 0.70 mark.
  • Resilient US equity markets bolstered USDJPY, briefly breaching the 115 mark. The break of the 114.25 hurdle last week strengthened bullish technical conditions for USDJPY, signalling potential for a stronger rally. The Nov 24 High at 115.52 remains a key resistance and the bull trigger.
  • Swiss KOF Economic barometer tomorrow morning before US employment claims and the MNI Chicago PMI headline the US docket.
Energy BulletsCommodities
Energy BulletsCommodities

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.