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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.
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Get the latest on Central Bank Policy and FX & FI Markets to help inform both your strategic and tactical decision-making.
Free AccessMNI Eurozone Inflation Insight – November 2024
MNI ASI OPEN: Fed Bostic Still Confident of Waning Inflation
MNI ASIA MARKETS ANALYSIS: Tsy Curves Twist Flatter
FOREX: EURGBP Respects 0.8500 Resistance, BRL Under Significant Pressure
- US yields moderately reversed lower on Tuesday and with an associated bounce in US equities, the greenback pulled back from earlier session highs, with the USD index tracking close to unchanged as we approach the APAC crossover. JOLTS job openings surprisingly increased in May to 8.14m (cons 7.95m) but the data did little to jolt the market with the focus on Friday’s NFP report.
- As such G10 currency adjustments remain limited, with tomorrow’s FOMC minutes, the US July 04 holiday & UK election Thursday keeping any conviction in check.
- However, USDJPY continues to edge higher, looking to close above 161.50, having printed another multi-decade high of 161.74. Sights are on 162.21, a Fibonacci projection.
- EURUSD’s trend outlook remains bearish and price action following the French first-round indicates that rallies remain good selling opportunities. Resistance at the 50-day EMA (intersecting today at 1.0771), has capped the latest correction well and should keep the market’s focus on the bear trigger at 1.0666, Jun 26 low.
- It is also worth noting, EURGBP (-0.21%) failed to recover back above 0.8500 (also 50-day EMA), the key technical pivot for the cross, and while remaining below this level on a closing basis the outlook remains bearish.
- In emerging markets, local pressures added weight to both the South African Rand and the Brazilian real. Brazil’s domestic situation continues to sour and USDBRL’s 0.65% climb today brings YTD gains for the pair to an impressive 17.3%. The moves could raise the risk of the central bank intervening to stabilise the currency.
- Australia retail sales and European final services PMIs cross Wednesday. ADP and jobless claims from the US will play second fiddle to ISM services data for June and the FOMC minutes.
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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.