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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 AccessGreenback Firmer for Fourth Session as Markets Adopt Cautious Approach
- Following a more tumultuous Wednesday session, GBP/USD is looking more stable, trading back to flat/minor positive territory to erase the ~30 pips losses suffered in Asia trade. Despite the more steady spot rate, the short-term outlook remains negative, with downtrendline resistance sitting just above at 1.2395, ahead of yesterday's highs at 1.2470. A break and close above here is required to steady the current bearish outlook.
- For a second successive session, NZD is the poorest performer in G10 - extending losses on the back of the unexpected declaration from the RBNZ that their tightening phase had concluded. This puts NZD/USD over 2.75% lower than pre-CB decision levels, and at the lowest level since November last year. Support undercuts at 0.6025, the 50% retracement for the October - February upleg.
- The greenback trades well, with markets adopting a more cautious footing after the warning over US' sovereign ratings from Fitch late yesterday. The USD Index is firmer for a fourth consecutive session, tipping the measure to a new multi-month high.
- Focus ahead turns to CB speak, with ECB's Villeroy, Centeno and de Cos on the docket as well as Fed's Barkin & Collins and BoE's Haskel. The data focus looks to weekly US jobless claims, secondary read for Q1 GDP and the pending home sales release for April.
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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.