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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
- In the equity space, S&P E-minis traded lower again yesterday but has found some support. The contract has cleared the 20-day EMA and this signals potential for a deeper pullback towards the key 50-day EMA at 4406.70. Key resistance has been established at 4539.50, the Sep 3 high. EUROSTOXX 50 futures are consolidating. The contract remains above 4132.50, Sep 9 low. A clear break of this level would expose 4078.00, Aug 19 low. The bull trigger is unchanged at 4252.00, Sep 6 high.
- In FX, EURUSD yesterday traded through last week's low of 1.1802, Sep 8 low before finding support. The break lower reinforces a short-term bearish theme and signals scope for a deeper pullback towards 1.1758 next, 61.8% of the Aug 20 - Sep 3 rally . Initial resistance is at 1.1851, Sep10 high. Recent activity in GBPUSD has defined short-term directional parameters at; 1.3892 as resistance, Sep 3 high and support at 1.3727, Sep 8 low. A break of either level would provide a clearer directional signal.
- On the commodity front, Gold is consolidating just ahead of recent lows. The near-term outlook remains bullish but a break of $1834.1, Jul 15 high is required to confirm a resumption of gains. Support to watch is $1774.5, Aug 19 low. A break would threaten a bull theme and signal scope for a deeper reversal. WTI futures maintain a bullish outlook and have traded higher today. Further gains are likely with $70.74 cleared, 76.4.% of the Jul 30 - Aug 23 sell-off. The focus is on $71.37, the bear channel top drawn from the Jul 6 high. This marks a key resistance and an important hurdle for bulls.
- In FI, Bund futures remain vulnerable and have traded lower this morning through last week's low of 171.45 from Sep 8. The focus is on 171.30, 2.382 projection of the Aug 5 - 11 - 17 price swing. Resistance to watch is 172.48, Sep 9 high. Gilt futures remain in a bear mode following last week's breach of support at 128.03, the Jul 6 low (cont). The contract has traded lower today as it extends the bear that started Aug 4. 127.65 has been probed, 61.8% of the Jun 3 - Aug rally (cont). An extension would open 127.50, Jun 28 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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