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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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Free AccessMNI: PBOC Sets Yuan Parity Lower At 7.1020 Mon; -4.03% Y/Y
MNI: China CFETS Yuan Index Flat In Week of Mar 1
Goldman Sachs: Supported By Flows Amidst Covid Control Setback
Goldman Sachs note that EUR/USD has held "in a $1.1700-$1.1950 range this month, and our best guess is that the currency will remain stuck around current levels over the short-term. On the one hand, the region has seen a setback in Covid control, with notably high infection growth in Spain and moderate outbreaks elsewhere, which could affect GDP growth expectations. In light of relatively long positioning in options (suggested by EUR/USD risk reversals), as well as a lack of near-term catalysts now that the Recovery Fund has been priced, we could envision a moderate near-term pullback in the cross. On the other hand, medium-term flows should remain supportive, and will likely prevent a bigger retracement. Mutual fund investors have begun to show a preference for non-US assets, and these flows could be substantial if continued due to long-standing Dollar overweights. Moreover, standard momentum-based strategies used by CTAs call for adding to Dollar shorts and Euro longs at current spot levels. After a sharp move higher in July, a period of range-bound trading for the Euro is perhaps not too surprising. Despite the recent pause we maintain our core constructive view on the currency (with a current target of $1.25)."
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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.