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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.
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Free AccessJ.P.Morgan Remain Bearish Medium-Term
Ahead of today’s ECB decision J.P.Morgan write “market focus will be on how the ECB is processing recent developments as well as on economic projections.”
- “Since the January ECB meeting, both growth and inflation have firmed, wage inflation has been sticky.”
- “The only aspect that has materially disappointed has been corporate earnings.”
- “For the EUR, the direction of travel in growth has been encouraging, but in the near-term, US developments rather than the ECB is expected to set the tone.”
- “EUR/USD fair value based on real rate spreads is between $1.09-1.1150, so there is room for upside if US data moderates.”
- “Our bias has been that a greater wedge should open up between the Fed and the ECB given the growth gaps, which should eventually push the fair value of EUR/USD lower towards $1.03-1.05.”
- “Recommended tactical exposure to this theme is low and only via options given the recent upturn in European growth but our bearish medium-term bias on EUR/USD remains intact given its growth and yield deficits vs. the US.”
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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.