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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.
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Free Access###POV: DOWNWARD PRESSURE ON AUSSIE LIKELY...>
AUSSIE: ###POV: DOWNWARD PRESSURE ON AUSSIE LIKELY TO CONTINUE, DESPITE JOBS
BOOST. Strong Aussie Labour Market data on Thursday helped push the AUD to the
highest level in a month, dual effecta of weak US CPI figures & dovish FOMC hike
exerted dual effects on AUD/USD. This is contrary to the recent downward trend
that had taken AUD/USD to the lowest levels since June 2017. Weaker AUD is being
driven by divergence in central bank outlook. While RBA Gov. Lowe said in Oct.
that the next rate would be up rather than down, he also said RBA would not be
influenced by other central banks becoming more hawkish. This dovishness & weak
data pushed the AU/US 10-Year spread to lows of 11.5bp, tightest in 17 years.
OIS now price in an 89% chance of hike by end-2018 (67% pre-data). This type of
overreaction is characteristic in OIS markets & typically pares back, which
could see a resumption of trends. From a technical perspective the upward move
in AUD could be shortlived, AUD/USD remains in the downtrend channel from Sept,
and the broader downtrend channel from 2011 is also intact while MNI technical
signals are negative for the pair in the short term. The decline has coincided
with an OI increase in AUD which suggest the market has heavy short positions.
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.