MNI BRIEF: Japan Q3 GDP Posts 2nd Straight Rise

MNI BRIEF: Fed's Powell - Could Slow Cut Pace As Neutral Nears

MNI BRIEF: Powell Says Fed Has Broad Support For Independence

MNI: Banxico Cuts Official Interest Rate By 25 BPS TO 10.25%

CORRECTS-MNI: Fed Could Pause Cuts - Kugler

CORRECTS-MNI: Fed Could Pause Cuts - Kugler

MNI JAPAN Q3 REAL GDP +0.2% Q/Q; MNI MEDIAN +0.2%

MNI: FED BALANCE SHEET TOTAL ASSETS -$27B TO $6.967T IN WEEK

US EIA: CRUDE OIL STOCKS EX SPR +2.09M TO 429.7M NOV 08 WK

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

FOREX: EURUSD Briefly Pierces Below 1.05 Mark Before Recovering

FOREX
BulletMarketsFixed Income BulletsForeign Exchange Bullets
  • Sentiment early Thursday matched that of recent sessions, with the greenback extending its most recent rally and EURUSD making steady progress towards the 1.05 mark. Following a brief print at 1.0497, sentiment reversed course, and the single currency traded on a more positive footing for the remainder of the session, trading close to unchanged around 1.0560 as we approach the APAC crossover.
  • It was a similar story across the major pairs, with Scandinavian FX outperforming and JPY and CHF the moderate laggards.
  • For USDJPY, we reached as high as 156.24 as the bull cycle extends. This week’s gains have resulted in a breach of resistance at 154.71, the Nov 07 high, to confirm a resumption of the uptrend and maintain the price sequence of higher highs and higher lows. Sights are on 156.67, a Fibonacci retracement.
  • BoJ policy and the FX approach of the Japanese authorities becomes key here, with markets re-entering levels at which the Japanese authorities intervened in currency markets.
  • USDCAD is also a standout, having extended above the psychological 1.4000 level. The persistence of greenback strength in the aftermath of the softer US supercore CPI did prompt USDCAD to rise above the 2022 highs on Wednesday, a breach of key medium-term resistance. Immediate attention is on 1.4034, the 1.00 projection of the Oct 17 - Nov 1 - 6 price swing. Further topside momentum would place the focus on 1.4188, 2.0% 10-dma envelope.
  • Chinese activity data is due overnight before UK GDP and US retail sales headline the Friday data calendar.
249 words

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.
  • Sentiment early Thursday matched that of recent sessions, with the greenback extending its most recent rally and EURUSD making steady progress towards the 1.05 mark. Following a brief print at 1.0497, sentiment reversed course, and the single currency traded on a more positive footing for the remainder of the session, trading close to unchanged around 1.0560 as we approach the APAC crossover.
  • It was a similar story across the major pairs, with Scandinavian FX outperforming and JPY and CHF the moderate laggards.
  • For USDJPY, we reached as high as 156.24 as the bull cycle extends. This week’s gains have resulted in a breach of resistance at 154.71, the Nov 07 high, to confirm a resumption of the uptrend and maintain the price sequence of higher highs and higher lows. Sights are on 156.67, a Fibonacci retracement.
  • BoJ policy and the FX approach of the Japanese authorities becomes key here, with markets re-entering levels at which the Japanese authorities intervened in currency markets.
  • USDCAD is also a standout, having extended above the psychological 1.4000 level. The persistence of greenback strength in the aftermath of the softer US supercore CPI did prompt USDCAD to rise above the 2022 highs on Wednesday, a breach of key medium-term resistance. Immediate attention is on 1.4034, the 1.00 projection of the Oct 17 - Nov 1 - 6 price swing. Further topside momentum would place the focus on 1.4188, 2.0% 10-dma envelope.
  • Chinese activity data is due overnight before UK GDP and US retail sales headline the Friday data calendar.