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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 China Daily Summary: Wednesday, December 11
FX SUMMARY- All eyes on Fed
- FX have generally stayed mixed in the early European session, as market participants awaits the US FOMC.
- As per our MNI Fed preview:
- The 2023 Fed funds rate dots in the SEP are likely to show further support for a hike, with a good chance the median rises. The outlook for "transitory" inflation will also be eyed in the projections.
- The Fed is likely to hold off on tweaking the IOER and ON RRP rates (though prevailing analyst consensus is that this is a very close call).
- Early action in G10s, was better buying interest of the British Pound, following the inflation beat.
- Cable pushed higher to print a 1.4123 high, just short of small resistance at 1.4130, but the cross has now faded to trade back below 1.4100 at the time of typing.
- Worst performers in G10s versus the USD, are the Scandis, with NOK down 0.32% and SEK 0.18%.
- USDSEK tested yesterday's high at 8.3428, printed 8.3430 high so far today.
- Above the latter eye the June high at 8.3619.
- In USDNOK, yesterday's high is situated at 8.3500.
- Nonetheless crosses are in fairly tight ranges on the margin, EURUSD in a 1.217 low, 1.2135 high, so far today.
- Looking ahead, all eyes are of course on the US FOMC and presser.
To read the full story
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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.