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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.
MNI FX Speculative Positioning -
Executive Summary:
- Net specs on USD continued to fall despite the dollar bounce amid global risk-off environment; net contracts are down 12.5K to 142.3K in the week ended January 25 (down nearly 160K from their high of 294K reached in the end of November).
- The rise in Covid uncertainty, political instability in some EM markets and the hawkish Fed had supported the US Dollar in H2 2021; DXY index reached a high at 97 in the end of November before consolidating slightly lower in recent weeks.
- However, investors’ concern over growth expectations has been rising in the past two weeks and the recent selloff in risky assets has been supporting the greenback.
- DXY index has been rising up sharply against major crosses, reaching a local high at 97.44 on Friday before consolidating lower today (towards 97 level).
- Next resistance to watch on the topside stands at 97.7190, which corresponds to the 61.8% Fibo retracement of the 89.21 – 102.98 range.
Link to full publication:
FX SPEC POSITIONING - 310122.pdf
Source: Bloomberg/MNI/CFTC
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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