MNI BRIEF: US May Existing Home Sales Pace Falls 0.7% To 4.11M

MNI INTERVIEW2: Uninsured Bank Deposits Still Vulnerable-Bair

CANADA APR RETAILS +0.7%, MATCHING FORECAST, PRIOR -0.3%

MNI BRIEF: China Hopes EU To Ease Frictions Via Negotiations

MNI: PBOC Net Injects CNY8 Bln Via OMO Fri; Rates Unchanged

MNI: PBOC Sets Yuan Parity Higher At 7.1196 Fri; -1.41% Y/Y

MNI: BAKER HUGHES US RIG COUNT 588; OIL RIGS 485; GAS RIGS 98

EZ/UK Bond Supply Calendar: EU Auction, BoE APF Monday

EZ/UK T-Bill Calendar: Germany, France Auction on Monday

RPT-MNI: Canada Sticks To Fiscal Anchors, Spends Chunk Of Windfall

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

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

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

Price Signal Summary - JPY Remains Under Pressure

MARKET INSIGHT
  • In the equity space, S&P E-Minis remain in a short-term uptrend despite yesterday’s pullback. The contract is holding above the 50-day EMA that intersects at 4407.84 today - the recent break of this EMA improved bullish conditions. Scope is seen for a climb towards 4578.50, the Feb 9 high. Initial support is still seen at the 20-day EMA, at 4361.23. EUROSTOXX 50 futures failed to hang on to yesterday’s gains and moved back into its recent range. A bullish theme remains in place though and attention is on the 50-day EMA at 3869.80. This average represents an important resistance and if cleared, would further strengthen a bullish short-term theme.
  • In FX, EURUSD resistance at 1.1137, Mar 17 high, remains intact. Trend signals continue to highlight a downtrend and the recent pullback signals a possible resumption of the bear cycle. The focus is on 1.0890, the Mar 9 low and 1.0806, Mar 7 low and the bear trigger. GBPUSD traded higher yesterday and through the 20-day EMA, but failed to hold on to the highs of the day. The move lower means key resistance at 1.3343, the 50-day EMA, remains intact. Watch support at 1.3120, Tuesday’s low. A break would be bearish. USDJPY continues to climb and is approaching the 122.00 handle. Clearance of 122.00 would open 122.47, the 2.382 projection of the Dec 3 - Jan 4 - 24 price swing.
  • On the commodity front, Gold continues to consolidate. Short-term conditions remain bearish and attention is on $1897.2, the 50-day EMA. A break would signal scope for an extension lower. Initial resistance to watch is $1954.7, the Mar 15 high. Oil markets remain bullish. WTI sights are on $118.34, 76.4% of the Mar 7 - 15 downleg.
  • In the FI space, the uptrend in yields remains intact. Bund futures have cleared the 160.00 handle this week, confirming a resumption of the downtrend. The focus is on 158.84 next, the Oct 22 2018 low (cont). Gilts have this week breached key support at 121.10, Feb 16 low. This opens 120.00 next and confirms a resumption of the broader downtrend.
Fixed Income Technical AnalysisForeign Exchange Technical AnalysisHomepagemarkets-real-timeBulletMarketsFixed Income BulletsForeign Exchange Bullets
Fixed Income Technical AnalysisForeign Exchange Technical AnalysisHomepagemarkets-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.