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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 surging geopolitical uncertainty; total USD net specs plunged by 13.7K contracts to 44.5K in the week ended February 22, 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 has been rising sharply in recent days after oscillating around the 96 level in the past two weeks.
- Key ST resistance to watch on the topside stands at 97.7190 (rejected on Thursday), which corresponds to the 61.8% Fibo retracement of the 89.21 – 102.98 range.
- A break above that level would open the door for a move up to 98.
- It is interesting to see that the ‘Long USD Trade’ has been losing popularity since the start of the year even though growth expectations are likely to be reviewed significantly to the downside.
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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