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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.
MARKET INSIGHT
- On the equity front, S&P E-minis are consolidating ahead of recent highs. The outlook is unchanged and remains bullish - recent gains confirmed a resumption of the underlying uptrend. The focus is on 4580.21, 1.382 projection of the Jun 21 - Jul 14 - 19 price swing. EUROSTOXX 50 remains firm and delivered a fresh high trend print yesterday of 4252.00. This again confirms a resumption of the uptrend and has opened 4294.20, 1.236 projection of the May 13 - Jun 17 - Jul 19 price swing.
- In the FX space, EURUSD remains below Friday's high of 1.1909 that also marks the Jul 30 high and is a key short-term resistance and hurdle for bulls. A break would strengthen the recent uptrend. GBPUSD maintains a short-term bullish tone and last week's gains marked an extension of the recovery that started Aug 20. The pair has also traded above its 50-day EMA. This opens 1.3958 next, Aug 4 high. DXY remains below its 50-day EMA at 92.42. The index has entered a key support zone ahead of 91.78, Jul 30 low. A reversal signal ahead of this support, would highlight a potential base. A break though would instead strengthen the case for bears.
- On the commodity front, Gold is pulling back from recent highs. The near-term outlook though remains bullish with the focus on $1834.1, Jul 15 high and the next bull trigger. A break of this level would strengthen bullish conditions. Support to watch is $1801.8, the Aug 31 low. WTI futures remain in a bull mode. The focus is on $70.74, 76.4.% retracement of the Jul 30 - Aug 23 sell-off.
- In FI, Bund futures have traded through the 172.00 handle confirming a resumption of the downleg that started Aug 5. The sell-off opens 171.149, 2.236 projection of the Aug 5 - 11 - 17 price swing. Gilt futures are weaker this morning. The recent break of 128.33, Aug 12 low and 128.24, Aug 12 low highlights a bearish theme and signals scope for 128.03, the Jul 6 low (cont).
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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