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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
- Total USD net specs rose for the first time in 9 weeks by 55.6K contracts to 46.8K in the week ended March 15.
- We previously saw that USD non-commercial positions have been plunging since the start of the year despite the dollar surge due to the Russia/Ukraine conflict.
- 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 recent ‘slight improvements’ in the conflict has resulted in a small consolidation on the DXY after reaching a local high at 99.4180 on March 7, with the index trading above the 98 level on Monday.
- ST support to watch below 98 stands at 97.7190, which corresponds to the 61.8% Fibo retracement of the 89.21 – 102.98 range (rejected twice in the past two weeks).
- A break below that level would open the door for a move down to 97.
- On the topside, resistance to watch stands at 98.6230.
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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