FREELAND: CANADA WON'T ESCALATE OR BACK DOWN ON US TRADE FIGHT

MNI: PBOC To Aim To Drive Inflation Higher- Advisors

MNI: China To Issue More Bonds As Stimulus Targets Consumption

MNI: PBOC To Aim To Drive Inflation Higher- Advisors

MNI: China To Issue More Bonds As Stimulus Targets Consumption

MNI BRIEF: China Nov M1 Decline Narrows, M2 Slows

EZ/UK T-Bill Calendar: 8/13/28/50-Week BTF Auction on Monday

EZ/UK Bond Supply Calendar: 4.125% Jul-29 Gilt Due on Tuesday

MNI: CANADA OCT WHOLESALE SALES +3.3%; EX-AUTOS +0.5%

MNI EXCLUSIVE: EU-Mercosur Deal Close, But Likely Short-Lived - Officials

AUSTRALIA: 2025 Election Outcome Looking More Uncertain According To Newspoll

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

Greenback Strength Abates, Providing Relief Among Majors

FOREX
  • The greenback sits softer early Friday as the currency pulls back a small part of this week's rally. Nonetheless, the USD Index remains stronger on the week by around 0.7%. GBP is similarly weak, allowing the EUR/GBP May pullback to abate slightly off the mid-month lows at and prevent the RSI from tilting into oversold territory.
  • Antipodean currencies are firmer, keeping AUD and NZD top of the pile in G10. NZD/USD remains pinned within the 50- and 100-dma channel, leaving 0.6275 as the main upside level. Market moves come ahead of the RBNZ rate decision next week, at which consensus looks for a 25bps hike to 5.50% - with a number of sell-side analysts switching their views to see a peak rate further north of current levels after this week's budget.
  • Weakness in the Chinese currency put in a minor reversal Friday, helping drag USD/CNH back below the 7.04 level - nonetheless, the onshore currency close cemented a 1% decline on the week.
  • A light data slate Friday should keep focus on the speaker calendar - with Fed's Powell, Williams & Bowman scheduled as well as ECB's Schnabel, Lagarde and de Cos. Canadian retail sales round off the week's economic releases, expected to slow to -1.4% from -0.2% prior for the headline.
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.