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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 long specs on the US Dollar continued to rise in the week ended July 5, increasing by 45K to a total of 163.4K contracts.
- Momentum on the dollar has been mainly driven by the renewed geopolitical tensions, the ‘hawkish’ Fed tone and surging stagflation risks.
- Interestingly, long USD trade remains moderately crowded despite the greenback trading at a 20-year high.
- Long specs in the dollar were significantly bigger at the end of 2021 when the USD index was trading at 97.
- Important data to watch this week will be US CPI inflation, expected to accelerate to 8.8% YoY in June.
- Another strong beat will push the Fed to proceed with another 75bps hike to counter the elevated inflationary pressures.
- DXY broke above the 107 level on Friday; next key level to watch on the topside stands at 109.24.
- A break above that level would bring us to June 2002 highs.
Source: Bloomberg/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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