US NOV FLASH MANUF PMI 48.8 (FCST: 48.9); OCT 48.5

MNI:Largest Canada New Home Price Dip Since `09 Led By Toronto

CANADIAN OCT FLASH RETAIL SALES +0.7%, 4TH STRAIGHT INCREASE

MNI China Daily Summary: Friday, November 22

MNI: PBOC Net Drains CNY345.9 Bln via OMO Friday

MNI BRIEF: Fed Should Explore Central Clearing At SRF-Hammack

EZ/UK T-Bill Calendar: Germany, France Auction on Monday

EZ/UK Bond Supply Calendar: Gilt Syndi; IT, EU Due Monday

MNI: UNIV OF MICHIGAN CONSUMER SENTIMENT FINAL NOV INDEX 71.8

AUSTRALIA: 2025 Election Outcome Looking More Uncertain According To Newspoll

MNI EXCLUSIVE: German Turmoil Dashes EU's Joint-Funding Hopes -Officials

FED: Powell's Time Looks Up, Replacement Could Be Less Willing To Cut Rates?

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

Holds Above $1.2054, $1.2090/1.2100 Next Upside Hurdle

EUR
MNI (London)
  • Recovery off Friday's low of $1.1952, struggled to break back above $1.2054 during European morning Monday, the rate finding a base at $1.2020 into NY.
  • NY took rate through $1.2054/60 to $1.2066 before momentum faded, the rate dropping to $1.2033 into the 1600GMT fix before recovering to $1.2057, closing the day around $1.2050.
  • Early consolidation in Asia before the USD came under fresh pressure in Tokyo, led by USD/JPY's deeper corrective pullback, EUR/USD pushed up to $1.2082 with pullbacks holding shallow ahead of the European open.
  • Support $1.2020/10, with talk that the demand reported last week into $1.1950 has moved up to $1.2000($1.2002 61.8% $1.1952-1.2082, 76.4% $1.1983). Resistance $1.2088(Feb02 high) ahead of $1.2095/1.2100($1.2097/99 61.8% 1.2349-1.1952/61.8% 1.2190-1.1952), a break to expose $1.2108(76.4% $1.2156-1.1952).
  • Germany Trade data provides early interest at 0700GMT ahead of Italy IP at 0900GMT.
  • ECB Lane(dove) speaks at 1500GMT. Fed Bullard speaks at 1700GMT.
  • USD seen under fresh pressure on continued reflation discussions, with focus on US fiscal stimulus headlines.
  • MNI Techs: EURUSD edges higher, extending the recovery off Friday's 1.1952 low. Friday's activity as highlighted yesterday, is a potential bullish engulfing reversal. If correct, the pattern suggests scope for a recovery and also highlights a base at last week's low. A strong resistance resides at 1.2092/98, the 50- and 20-day EMAs. A break would be bullish. On the downside, sub 1.1952 levels would resume recent bearish pressure.
MNI London Bureau | +44 203-586-2231 | john.webb@marketnews.com
BulletMarketsForeign Exchange Bullets
MNI London Bureau | +44 203-586-2231 | john.webb@marketnews.com
BulletMarketsForeign Exchange Bullets

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.