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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 plunge despite market uncertainty; total USD net specs fell by 51.7K contracts to -7.1K in the week ended March 1, their lowest level since July 2021.
- On the other hand, the rapid deterioration in the Russia/Ukraine conflict has been supporting ‘safe-haven’ asset such as the US Dollar.
- The DXY index reached a new local high of 99.42 on Monday as demand for the greenback has been constantly surging in recent weeks.
- Next ST resistance to watch on the topside stands at 99.73, which corresponds to the 76.4% Fibo retracement of the 89.21 – 102.98 range..
- A break above that level would open the door for a move up to the psychological 100 level.
- The chart below shows the interesting divergence between the two times series – net USD specs and DXY index – since the start of the conflict; the ‘crowded Long USD Trade’ has now completely ‘vanished.
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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