DALY SEES 'NO URGENCY TO ADJUST THE POLICY RATE'

MNI BRIEF: Fed’s Collins Sees Rate Cuts Later Than Had Thought

MNI BRIEF: China March M2 Slows More Than Expected

MNI BRIEF: China Tightens Stock Market Supervision

MNI BRIEF: China Mar Exports Jump On Demand; Imports Improve

MNI: PBOC Sets Yuan Parity Lower At 7.0967 Fri; -4.87% Y/Y

MNI: BAKER HUGHES US RIG COUNT 617; OIL RIGS 506; GAS RIGS 109

March Home Sales Jumped At End Of Month

MNI BRIEF: Poilievre Calls QE 'Scam' And Would Limit BOC Remit

MNI: Growth Drag From Net Zero Carbon Goal Can Be Offset-OECD

MNI BRIEF: Lawmakers Signal Tough Hearing For BOC's Macklem

© 1982-2023 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

Price Signal Summary – EURJPY Bearish Condition Strengthens

MARKET INSIGHT
  • S&P E-Minis traded higher Thursday, marking an extension of Wednesday's climb that resulted in a breach of 4016.25, the Jul 22 high. The break higher confirms a resumption of the current bull cycle and signals potential for a climb towards 4145.75, the Jun 9 high. EUROSTOXX 50 futures traded higher Thursday, marking an extension of Wednesday's gains that confirmed a bull flag on the daily chart and a resumption of the current uptrend.
  • EURUSD support to watch is at 1.0097, Jul 27 low. The pair is still trading below immediate resistance at 1.0278, the Jul 21 high. A break above this hurdle would once again resume short-term bullish conditions and signal scope for an extension higher. The sharp drop in EURGBP continued Thursday, reinforcing bearish conditions and putting the cross at new multi-month lows. The latest spell of weakness puts prices through 0.8367, the May 2 low. EURJPY traded sharply lower Thursday and in the process, the cross breached support at 136.87, the Jul 8 low. Clearance of this level strengthens bearish conditions and paves the way for weakness towards 135.40 next, a Fibonacci retracement.
  • Gold maintains a firmer tone and is trading higher today. Current gains are considered corrective and attention is resistance at the 50-day EMA, which intersects at $1786.1. WTI futures continue to trade above the most recent lows. The contract however is also trading below the 50-day EMA, at $100.84. Clearance of this average is required to strengthen bullish conditions and signal scope for a stronger reversal.
  • Bund futures maintain a bullish tone and the contract traded higher once again on Thursday. This confirms 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 the contract resumed its climb on Thursday. This highlights an extension of the recent breach of resistance at 117.09, the Jul 6 high.
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
Homepagemarkets-real-timeBulletMarketsFixed Income BulletsForeign Exchange BulletsAT&T Market NewsBank of America Market NewsBond Market News
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
Homepagemarkets-real-timeBulletMarketsFixed Income BulletsForeign Exchange BulletsAT&T Market NewsBank of America Market NewsBond Market News

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.