US NOV FLASH MANUF PMI 48.8 (FCST: 48.9); OCT 48.5

MNI:Largest Canada New Home Price Dip Since `09 Led By Toronto

CANADIAN OCT FLASH RETAIL SALES +0.7%, 4TH STRAIGHT INCREASE

MNI China Daily Summary: Friday, November 22

MNI: PBOC Net Drains CNY345.9 Bln via OMO Friday

MNI BRIEF: Fed Should Explore Central Clearing At SRF-Hammack

EZ/UK T-Bill Calendar: Germany, France Auction on Monday

EZ/UK Bond Supply Calendar: Gilt Syndi; IT, EU Due Monday

MNI: UNIV OF MICHIGAN CONSUMER SENTIMENT FINAL NOV INDEX 71.8

AUSTRALIA: 2025 Election Outcome Looking More Uncertain According To Newspoll

MNI EXCLUSIVE: German Turmoil Dashes EU's Joint-Funding Hopes -Officials

FED: Powell's Time Looks Up, Replacement Could Be Less Willing To Cut Rates?

© 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.