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Free AccessPoor start to the week for commodity-linked...>
FOREX: Poor start to the week for commodity-linked FX as the DXY makes another
attempt on the 200-dma
-AUD and NZD are the weakest currencies today, led lower by a weak commodity
complex (both energy and metals are broadly lower today) prompting NZD/USD to
trade on track to record its 9th negative trading session of the past 10.
-GBP underperforms most others, with GBP/USD dropping to the lowest since Mar1
as the resignation of the Home Secretary tips the cabinet balance further
towards ministers that steer towards a hard Brexit. GBP/USD found very little
support on the way through Friday`s lows and the rate not targets $1.3712 for
confirmation of a deeper break lower.
-The DXY looks to be making another attempt at the 200-dma at 99.98 after a
failure to close above on Friday, with much of the USD`s strength coming on the
back of a falling EUR/USD rate, as regional German CPIs continue to point to a
sanguine inflation profile across the Eurozone.
-US data is thick and fast today: Personal income/spending, Chicago PMI and
pending home sales are all due.
To read the full story
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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.