MNI: PBOC Net Drains CNY227 Bln via OMO Wednesday

MNI: PBOC Sets Yuan Parity Lower At 7.1934 Weds; -1.91% Y/Y

MNI BRIEF: Aussie Q3 GDP Prints At 0.3% Q/Q

MNI BRIEF: Fed's Goolsbee Sees Rates Down 'Fair Amount' In '25

MNI BRIEF: December Fed Cut 'Absolutely Not' Off Table - Daly

MNI China Daily Summary: Tuesday, Dec 3

MNI: AUSTRALIA Q3 GDP +0.3% Q/Q

EZ/UK T-Bill Calendar: Greece, EU Auction on Wednesday

EZ/UK Bond Supply Calendar: UK, Germany Auction on Wednesday

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 – EUR/GBP Confirms Bearish Condition

MARKET INSIGHT
  • S&P E-Minis traded higher Friday, reinforcing bullish conditions and maintaining the current price sequence of higher highs and higher lows. Potential is for a climb towards 4145.75, the Jun 9 high. EUROSTOXX 50 futures traded higher once again Friday, reinforcing current bullish conditions. The contract has pierced the 76.4% retracement of the Jun 6 - Jul 5 downleg, at 3722.40.
  • EURUSD is unchanged and remains in consolidation mode. The pair is trading above support at 1.0097, Jul 27 low, and attention is on immediate resistance at 1.0278, the Jul 21 high. The sharp drop in EURGBP last week, reinforces bearish conditions and puts the cross at new multi-month lows. The latest spell of weakness has also resulted in a print below 0.8367, the May 2 low. EURJPY is trading lower again and trend conditions remain bearish. This reinforces the current downward cycle and marks an extension of last week’s breach of support at 136.87, the Jul 8 low.
  • Gold maintains a firmer tone and traded higher Friday. Current gains are considered corrective and attention is resistance at the 50-day EMA, which intersects at $1785.3. A break of this average would suggest potential for an extension and expose trendline resistance at $1812.0. WTI futures traded higher Friday and pierced the 50-day EMA. The contract however pulled back from the day high and remains below the average - the EMA intersects at $100.76.
  • Bund futures maintain a bullish tone and last week’s gains reinforce current conditions. Fresh highs confirm a resumption of the uptrend and the break higher maintains the current bullish price sequence of higher highs and higher lows. The short-term outlook in Gilt futures remains bullish and fresh highs last week reinforce this set-up. The move higher highlights an extension of the recent break of resistance at 117.09, Jul 6 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.