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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 ticked lower in the week ended April 5 despite the USD spike, decreasing by 33.8K to a total of 102.7K contracts.
- Speculative positions against the Yen have reached their highest level since November 2011 (+103.8K) as investors have become increasingly bearish on JPY amid monetary policy divergence.
- The global risk off environment triggered by the renewed geopolitical tensions has been supporting ‘safe-haven’ assets such as the US Dollar and Gold.
- The DXY index broke above the 99.7390 level last week (76.4% Fibo retracement of the 89.21 – 102.98 range) and found a local high at 100.1890 on Friday before consolidating lower.
- Next ST resistance to watch on the topside stands at 100.5560 (May 14 2020 high).
- On the downside, first support to watch stands at 99.40, followed by 99.
- Key support remains at 97.7270, (61.8% Fibo), which was rejected several times last month.
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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