Free Trial
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 USD specs decreased slightly in the week ended August 2nd, down by 9.3K to a total of 206.3K contacts.
- Interestingly, the 'Long USD Trade' remains 'moderately crowded' despite the elevated level of risk aversion in recent months (with the US Dollar trading at 20Y highs).
- Last month was marked a significant consolidation in the greenback, mostly driven by an easing of the scale of rate hike speculation from the Fed meeting on July 27.
- The DXY index consolidated from a high of 109.29 to find support at its 50DMA last week.
- Despite sell-side firms turning moderately to significantly 'bearish' on the US Dollar for the next year (median forecast for Q2 23 at 1.08), market uncertainty could continue to keep demand for 'safe assets' such as the USD elevated in the near term.
- ST resistance to watch on DXY index stands at 107.43, followed by 108.
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.
We are facing technical issues, please contact our team.
ok
Your request was sent sucessfully! Our team will contact you soon.
ok