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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 specs on USD continue to fall despite rising geopolitical uncertainty; total USD net specs plunged by 52.4K contracts to 79.2K in the week ended February 8, their lowest level since August 2021.
- While the ‘Long USD Trade’ has been losing popularity since the end of November, the global risk-off environment has been strongly supporting the US Dollar against major crosses in recent days.
- The DXY index continues to retrace higher on Monday after breaking above its 50DMA at 96 on Friday.
- ST resistance to watch on the topside stands at 96.72, followed by the psychological 97 level.
- The outlook of the US Dollar looks binary at the moment:
- On one hand, further deterioration in the Russia-Ukraine conflict could lead to more USD appreciation and could weigh on risky assets.
- On the other hand, easing tensions would generate another ST buy-the-dip environment, with USD likely to underperform major DM and EM crosses.
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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