MNI BRIEF: China Steel Market To Remain Subdued In August

MNI China Daily Summary: Thursday, August 1

MNI: BOE VOTES 5-4 FOR 25 BPS RATE CUT AT AUG MEETING

MNI CNB WATCH: Cut Pace Slows To 25Bps, Price Pressures Remain

MNI BRIEF: CNB Cuts 2W Repo Rate By 25Bps To 4.5%

MNI BRIEF: Japan Q2 GDP To Rise 0.5% Q/Q; 2.2% Annualised

MNI: FED BALANCE SHEET TOTAL ASSETS -$27B TO $7.178T IN WEEK

EZ/UK Bond Supply Calendar: Belgium ORI Facility on Friday

US EIA:NAT GAS STORAGE +18 BCF TO 3,249 BCF JUL 26 WK

RPT-MNI: Canada Sticks To Fiscal Anchors, Spends Chunk Of Windfall

© 1982-2024 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

Position Adjustments Watched Ahead of Thursday US CPI and ECB MonPol

EUR
MNI (London)
  • Corrective pullback off Monday's high of $1.2202 extended to $1.2164 through the 0800BST fix Tuesday before rate recovered to $1.2193 ahead of the 1600BST fix.
  • Post fix trade saw rate drift off to $1.2171 before closing at $1.2173.
  • Asia respected that $1.2171 pullback low before it edged to $1.2185 in a slow session, settling around $1.2180 ahead of Europe.
  • Position adjustments seen in play ahead of Thursday's US CPI release (median 0.4%mm, 4.7%yy) with taper talk developments now seen data dependent, and the ECB Monetary Policy announcement (suggestions they may tilt to the dovish side due to current EUR strength, not changing pace of asset purchases in Q3; hawkish risks seen if they ease purchases in Q3 or hint at tapering).
  • Failure to bring pressure to bear on resistance between $1.2200/20 provides for a mild bearish feel, with $1.2150/45 then $1.2125 protecting against a deeper correction. Resistance $1.2185/95 ahead of $1.2200/20.
  • Option expiries of note for today's NY cut include $1.2145-55(E1.4bln-EUR puts), $1.2165-75(E1.3bln-EUR puts), $1.2195-1.2200(E1.3bln-EUR puts)
  • Germany Trade, Labour Costs 0600GMT. Fed blackout period.
  • MNI Techs: EURUSD is unchanged and trading above last week's low of 1.2104. The pair remains vulnerable though following a sharp pullback Jun 3 that saw price trade through initial support at 1.2133, May 28 low. This highlights potential for a deeper correction and attention is on the 50-day EMA at 1.2105 that also represents a key area of support. On the upside, primary resistance has been defined at 1.2266, May 25 high.
MNI London Bureau | +44 203-586-2231 | john.webb@marketnews.com
BulletMarketsForeign Exchange BulletsHomepage
MNI London Bureau | +44 203-586-2231 | john.webb@marketnews.com
BulletMarketsForeign Exchange BulletsHomepage

To read the full story

Close

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.