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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.
CROSS ASSET
- Greenback strength filtering further through markets into the NY crossover, with EUR/USD and GBP/USD printing fresh daily lows. The moves are mirroring the return lower for equity markets, with the e-mini S&P another sign of the risk-off tone present ahead of the Thursday open.
- Greenback strength is weighing on precious metals, with spot gold dropping toward the $1,800/oz handle and putting prices below the mid-June lows of $1805.22. Further pull lower for the yellow metals puts prices within range of $1787.0 - Low May 16 and bear trigger.
- Worth noting the pressure on metals isn't uniform however, with silver being hit harder and helping the gold/silver ratio print new multi-year highs and the highest since the depths of the COVID crisis in 2020.
Figure 1: Gold/Silver Ratio
Source: MNI/Bloomberg
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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