MNI: PBOC Net Injects CNY90.3 Bln via OMO Tuesday

MNI: PBOC Sets Yuan Parity Higher At 7.1896 Tues; -1.71% Y/Y

CANADA TO PUBLISH FISCAL UPDATE ON DEC. 16

MNI BRIEF: Inflation Expectations Tick Higher - NY Fed

MNI BRIEF: Mexico Inflation Down To 4.55% In November

MNI BRIEF: China Passenger Car Sales Up In November Y/Y

EZ/UK Bond Supply Calendar: Austria, UK Auction on Tuesday

EZ/UK T-Bill Calendar: Spain, Belgium Auction on Tuesday

MNI:US OCT WHOLESALE INV 0.2%; SALES -0.1%

MNI EXCLUSIVE: EU-Mercosur Deal Close, But Likely Short-Lived - Officials

AUSTRALIA: 2025 Election Outcome Looking More Uncertain According To Newspoll

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

Price Signal Summary - Bond Market Gains Considered Corrective

MARKET INSIGHT
  • In the equity space, S&P E-minis are still in a clear uptrend and traded higher yesterday just short of the next objective at 4591.25, the 1.00 projection of the Jul 19 - Aug 16 - Aug 19 price swing. Scope is also seen for a break of the 4600.00 handle. EUROSTOXX 50 futures also rallied yesterday and the focus is on key resistance at 4223.00, Sep 6 high. This also represents the bull trigger and a break would confirm a resumption of the broader uptrend and open 4290.50, 1.00 projection of the Jul 19 - Sep 6 - Oct 6 price swing.
  • In FX, EURUSD continues to consolidate with a slightly weaker tone dominating for now. From a short-term perspective, scope exists for an extension higher with the focus on the 50-day EMA at 1.1687. A key resistance also resides at 1.1716, a bear channel top drawn off the Jun 1 high. Initial support lies at 1.1572, Oct 18 low. GBPUSD is off its recent highs however short-term bullish conditions remain intact and corrections so far have been shallow. The focus is on 1.3913, Sep 14 high and a key resistance. Support to watch is at 3713, the 20-day EMA. USDJPY maintains a bullish tone despite this morning's selling pressure. Scope is seen for a climb towards 114.99, 1.50 projection of the Apr 23 - Jul 2 - Aug 4 price swing. Initial support is at 113.01, the 20-day EMA. A break is required to signal scope for a deeper corrective pullback.
  • On the commodity front, Gold spiked higher late last week and cleared $1800.6, Oct 14 high. Gains earlier this week highlight a short-term positive tone and attention is on $1834.0, the Sep 3 high. Key near-term support is at $1760.4, Oct 18 low. A break would alter the picture and instead suggest scope for a deeper pullback. WTI trend conditions are unchanged and remain bullish. $85.01, 1.00 projection of the Sep 21 - Oct 6 - 7 price swing has been probed. The focus is on $86.00 next. A key support to watch, following this morning's pullback is at $80.78, Oct 20 low.
  • In the FI space, trend conditions remain bearish and short-term gains are considered corrective. Bund futures sights are on 167.79, 2.50 projection of the Sep 9 - 17 - 21 price swing. Key resistance is at 169.92, Oct 14 high. Gilt futures path of least resistance remains down however a corrective bull cycle continues to play out this week. The next objective is 123.16, Feb 27, 2019 low (cont). Key resistance is unchanged at 125.27, the Oct 14 high.
Homepagemarkets-real-timeBulletMarketsFixed Income BulletsForeign Exchange Bullets

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.