MNI: US TSY: LOWERS Q3 BORROWING ESTIMATE BY $106B TO $740B

MNI BRIEF: US Treasury Lowers Q3 Borrowing Estimate By $106B

MNI BRIEF: New Powers For UK Fiscal Body As Spending Overshot

MNI China Daily Summary: Monday, July 29

MNI: PBOC Net Injects CNY243.37 Bln via OMO Monday

MNI: PBOC Sets Yuan Parity Higher At 7.1316 Mon; -1.56% Y/Y

EZ/UK T-Bill Calendar: Belgium Nov 7, 2024 Short TC Due Tuesday

EZ/UK Bond Supply Calendar: Italy, UK Auction on Tuesday

BoE Data Watch

RPT-MNI: Canada Sticks To Fiscal Anchors, Spends Chunk Of Windfall

© 1982-2024 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

Greenback Extends Downtrend, USD Index Pressing Towards 2023 Lows

FOREX
  • Following the marginally below-estimate US inflation data, pressure remained on the US dollar on Wednesday as the DXY continues to gravitate towards last week’s lows around 101.45 and has the 2023 lows as the next obvious target. The FOMC minutes release had close to zero effect on currency markets as Wednesday’s session drew to a close.
  • The Euro and Swiss franc are outperforming. USDCHF (-0.85%) has cracked support at 0.9000 handle, marking a resumption of the broader downtrend that started from the Oct 2022 high of 1.0148. The break lower signals scope for weakness towards 0.8926 and 0.8871, the Feb 16 2021 low.
  • In similar vein, both EURUSD and GBPUSD are hugging session highs and remain in close proximity of the 2023 peaks of 1.1033 and 1.2525 respectively. For cable, this level marks the bull trigger to resume the next stage of the medium-term uptrend. Additionally, both SEK and NOK have gained over 1% against the greenback, retracing the entirety of yesterday’s weakness amid the firmer commodity/oil backdrop.
  • With US yields retracing a solid portion of their initial move following the US data, the Japanese yen is broadly underperforming across G10, with moderate weakness against the greenback but lower on the day against a host of other currencies.
  • Australian employment data headlines the overnight docket before final German CPI and UK GDP in Europe. The US session will look at PPI data for March as well as the latest jobless claims figures.
Energy BulletsCommodities
Energy BulletsCommodities

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.