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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.
FOREX
- Net specs on USD rose by 4.9K to 229.7K total contracts in the week ended January 11th despite USD weakness in the first half of January.
- The ‘Long Dollar Trade’ remains crowded with net long specs standing close to the high of their 5-year historical range.
- Investors turned strongly bullish on the greenback in H2 2021 amid rising Covid uncertainty, political instability in some EM markets and the hawkish Fed.
- The probability of 4 Fed hikes in 2022 has been gradually rising in the past few months, approaching 80%.
- However, the DXY index has been consolidating sharply in recent weeks after it peaked at 97 in the end November; the consolidation accelerated last week after the index broke below its 50DMA support following the second consecutive miss in NFP.
- DXY found support at its 100DMA (94.6940) in the end of last week and is currently trading back above the 95 level; resistance to watch on the topside now stands at 95.9150 (50DMA).
Source: Bloomberg/CFTC/MNI
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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