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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 stages impressive bounce on poor....>
FOREX: Greenback stages impressive bounce on poor earnings
- The financial effects of the COVID-19 outbreak were clear for all to see in US
bank earnings Wednesday. Stronger trading revenues across FICC desks were
overwhelmed by sharp growth in provisions and reserves built up by the likes of
Goldman Sachs, Bank of America and Citigroup to combat a likely uptick in
non-performing loan books. These firm led US equities lower at the open,
snapping a recent winning streak over the past few weeks for the S&P 500.
- The longer-end of the US yield fell sharply, but this did little to stymie the
USD, which pressured EUR/USD back toward the Apr9 low. Commodity and growth-tied
FX sank. NOK, CAD and AUD among the poorest performers after the IEA's latest
oil demand report forecast the biggest downtick in daily oil demand on record
for 2020. The launch of Bank of Canada provincial and commercial bond purchases
added further pressure to the CAD, seeing USD/CAD rally north of C$1.41.
- The Australian jobs report, Eurozone industrial production, US weekly jobless
claims, housing starts & building permits are all due Thursday. Earnings are
scheduled from BlackRock and Abbot Labs.
To read the full story
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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.