MNI: PBOC Net Drains CNY68.6 Bln via OMO Thursday

MNI: PBOC Sets Yuan Parity Higher At 7.1728 Thurs; -0.64% Y/Y

MNI China Press Digest March 13: SMEs, Shipping, Guangdong

MNI BRIEF: US Budget Deficit At $1.15T Thru Feb

CORRECTED-MNI BRIEF: Brazil's Inflation Rises To 5.06% In Feb

MNI China Daily Summary: Wednesday, March 12

MNI: US FEB TREASURY BUDGET -$307.0B

EZ/UK T-Bill Calendar: 1/3/6-month UKTB Due Thursday

EZ/UK Bond Supply Calendar: Greece Synd / Italy Auction Thurs

GERMANY: Union/SPD Migration Alignment After Turmoil Threatened Debt Deal (BILD)

GERMANY: Official Interim Election Results Tilt Towards Missing BSW & FDP

© 1982-2025 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

FOREX: Greenback Consolidates Intra-Day Weakness, FOMC Minutes Tuesday

FOREX
  • Currency markets saw the most recent dollar strength moderate to begin the week, with the appointment of Scott Bessent as Treasury Secretary under Trump providing some pushback to the short-term trend. His nomination has pinned back concerns that a tariff regime will go too far, too fast, with his views on gradualism likely meaning a more forceful approach on trade will come step-by-step, rather than an abrupt shift.
  • The USD pullback has helped spur short-covering across EUR, which outperforms all others in G10. EURUSD (+0.65%) reached as high as 1.0530, marking a ~200 pip recovery off last week's lows, although spot has slipped back below 1.0500 ahead of the APAC crossover.
  • German IFO data painted a poor picture of the German economy, The print mirrored last week's flash PMI release in that the services sector saw a clear decline - however, in the IFO, also manufacturing showed weaker again.
  • USDCHF was a notable mover on the session, declining 0.75% as SNB sight deposits data indicated the SNB may not have intervened last week. In contrast, higher beta currencies were unable to take advantage of the softer dollar, with the likes of EURAUD, EURCAD and EURNZD all rising comfortably over 0.5% to start the week and partially revising the steep declines seen late last week.
  • The minutes to the November FOMC meeting (released Tuesday at 1400ET) will be viewed in light of the hawkish tilt in Fed officials’ commentary in the 3 weeks since they decided to cut rates by 25bp. Accordingly, MNI’s Hawk-Dove Spectrum has been moved upward (in a more “hawkish” direction”) across the board.
EM BulletBulletMarketsFixed Income BulletsForeign 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.