MNI: Canada Has CAD2.9B Q1 Budget Deficit Vs Prior Surplus

CANADA Q2 ANNUALIZED GDP +2.1% VERSUS +1.7% EXPECTED

MNI China Daily Summary: Friday, Aug 30

MNI BRIEF: China Aug PMI Contracts For Fourth Straight Month

MNI: US JUL PERSONAL INCOME +0.3%; NOM PCE +0.5%

MNI BRIEF: PBOC Bought Net CNY100 Billion CGBs In August

MNI: BAKER HUGHES US RIG COUNT 583; OIL RIGS 483; GAS RIGS 95

EZ/UK Bond Supply Calendar: UK, ESM Syndis; AS, DE Due Tuesday

MNI Chicago Report™: 27% Have Contingency Plans Due to Adverse Weather

AUSTRALIA: Albanese Lines Up Budget for May Election

AUSTRALIA: Albanese Lines Up Budget for May Election

UK: Week Ahead

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

Greenback Recovers As Initial Fed Speak Leans Relatively Hawkish

FOREX
  • On Friday, the dollar index has recovered around 0.6% of its substantial losses this week. The first speaker since the FOMC meeting, Fed’s Williams, stated we aren’t really talking abut rate cuts right now and that it is premature to really be thinking about timing of monetary easing.
  • Greenback strength was broad based but has only put a small dent in the larger post-fed adjustment with the DXY sitting well over a percent below pre-FOMC levels. In particular, the Euro has been the main victim on Friday, with some weaker than expected PMIs for France, Germany and the EU all weighing throughout European trade.
  • EURUSD is down 0.85% and has spent the late session oscillating around the 1.09 mark. The EURUSD recovery this week is a bullish development and signals the end of the recent corrective pullback between Nov 29 - Dec 8. The continuation higher suggests scope for a test of key short-term resistance at 1.1017, the Nov 29 high and a bull trigger. Moving average studies are in a bull-mode position, highlighting an uptrend. Key support has been defined at 1.0724, the Dec 8 low.
  • At the other end of the G10 leaderboard, the Norwegian krone is the best performer with EURNOK down another 1.35%. The surprise rate hike and overall firmer price action for oil continues to support the NOK’s recovery.
  • Just German IFO on Monday’s docket before the focus turns to Tuesday’s Bank of Japan meeting and Canadian CPI.
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.