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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 decreased in the week ended June 7, down 13.6K to a total of 103.1K contracts.
- Preference for the US Dollar has been surging in recent days amid elevated market and geopolitical uncertainty.
- Investors took the opportunity to buy the dip on the US Dollar following the little consolidation we saw in the second half of May.
- The DXY index broke back above the 104 level this morning and tested its ST resistance at 105 earlier after finding support at its 50DMA in the past two weeks.
- Next key level to watch on the topside stands at 107.31 (June 2002 highs).
- The Fed is meeting this week with the market expecting policymakers to maintain the stance of the tightening by hiking the benchmark rate by 50bps to 1.5%.
- Market uncertainty has also left risky assets vulnerable in the past three days, with the SP500 dropping to 3,900; next key support to watch on the downside stands at 3,800.
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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