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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 Under Pressure Despite Hawkish Fed Tweaks
- Immediate two-way price action for US treasuries in the aftermath of the May Fed statement release was echoed in currency markets. A very moderate pop higher for the greenback failed to garner any momentum and the USD index saw a swift reversal to fresh session lows.
- As Chair Powell’s press conference continued, the greenback slid in sympathy with US yields as Fed Powell emphasised the well anchored longer-term expectations and highlighted it is unlikely that the next policy move would be a hike. With the market potentially setting a high hawkish bar heading into the today’s meeting, the most recent greenback optimism faded.
- USDJPY traded as low as 157.01, 98 pips off the overnight highs and EURUSD narrowed the gap towards the week’s best levels, briefly operating back above 1.0730.
- Markets have since stabilised a touch and the USD index is roughly 0.3% lower as we approach the APAC crossover.
- With equities buoyant throughout the late US session, AUD and NZD are outperforming, both up close to 0.75% on the session.
- Initial resistance for AUDUSD has been defined at 0.6587, Monday’s high. Clearance of this level would be bullish and signal scope for a climb towards 0.6644, the Apr 9 high.
- Bank of Japan minutes highlights the APAC docket on Thursday before Swiss CPI will be in focus during the European session. Jobless claims in the US will provide a warm-up for the US employment report scheduled on Friday.
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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.