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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.
AUD
- AUD net positioning continued to rise in the latest CFTC report, reducing the AUD net short to 8% of open interest, the smallest net short in a year. This supports the view that the most recent AUD rally has largely been driven by short-covering and could have more room to expand. AUD’s positioning Z-score is now the highest of all currencies surveyed, clearly indicating the positive momentum in play.
- Indeed, AUDUSD bullish conditions remain intact following the break of key short-term resistance at 0.6714, the May 16 high. This highlights a significant range breakout and confirms a resumption of the bull leg that started Apr 19. A continuation higher would open 0.6771 next, the Jan 3 high and 0.6839, the Jan 02 high.
- Given the proximity to tomorrow’s RBNZ meeting, AUDNZD will be in focus, a cross that has garnered more attention in recent sessions as we rise back above 1.10 once again. We note the move has been assisted by rate differentials, with the AU-NZ 2yr swap spread now 46bps above the May lows at -48bps. This represents the highest levels since August 2022.
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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