MNI BRIEF: Fed's Goolsbee Taking Job Gains With Grain Of Salt

BRIEF: EU Says Engaging With China Over EV Trade Dispute

MNI BRIEF: Draghi Calls For Tariffs, Subsidies Against China

MNI BRIEF: China May M2 Slows To Record Low Again

MNI: PBOC Conducts CNY2 Bln Via OMO Fri; Liquidity Unchanged

CHINA PBOC INJECTS CNY2 BILLION VIA 7-DAY REVERSE REPOS FRI

US Treasury Auction Calendar

MNI: BAKER HUGHES US RIG COUNT 590; OIL RIGS 488; GAS RIGS 98

EZ/UK Bond Supply Calendar: Slovakia, Belgium, BoE APF Monday

RPT-MNI: Canada Sticks To Fiscal Anchors, Spends Chunk Of Windfall

MNI BRIEF: Poilievre Calls QE 'Scam' And Would Limit BOC Remit

MNI: Growth Drag From Net Zero Carbon Goal Can Be Offset-OECD

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

Holds Above $1.22 into Europe. EU/UK Brexit Trade Deal in Focus.

EUR
MNI (London)
  • EUR/USD recovered off its early NY low of $1.2160 to $1.2221before it lost momentum and drifted off through the 1600GMT fix to $1.2173, closing the day at $1.2186.
  • Positive reports concerning a Brexit trade deal (could be confirmed this morning) helped to lift GBP which in turn dragged EUR/USD higher through Asia to $1.2216 but met some headwind resistance from EUR/GBP sales, before it settled around $1.2205 into Europe.
  • BBC: UK Johnson to speak to EU chief around 0700GMT, press conference to follow at around 0800GMT.
  • A lot of European centres closed for Christmas Eve, ahead of Friday's larger holiday. Shortened sessions expected in those centres open today.
  • EUR/USD support noted into $1.2180/70, resistance reported at and above $1.2220, a break to open a move toward $1.2250/60.
  • Preliminary models suggest USD sales to be seen at next week's month-end fixes Thursday. Ahead of this some residual US corporate month-end value USD demand could be seen Tuesday(a lot of this interest could have been covered ahead of the holidays).
  • MNI Techs: EURUSD underlying bullish conditions remain intact. However, the daily trend condition is overbought and this does suggest the pair is due a correction. Key near-term support lies at 1.2130, Dec 21 low. Note, the 20-day EMA intersects at 1.2116 and trendline support drawn off the Nov 4 low is at 1.2149. A break of the 1.2149/16 support zone would signal scope for a deeper sell-off. On the upside, 1.2273 is the bull trigger.
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.