BOC REITERATES SEES FURTHER CUTS IF ECONOMY GOES AS EXPECTED

NAGEL SEES ECB TAKING MEETING-BY-MEETING APPROACH ON RATES

MNI: BOC Says Policy No Longer Needs To Be As Restrictive

MNI China Daily Summary: Wednesday, June 12

MNI BRIEF: Beijing Willing To Safeguard Chinese Firms - MOFCOM

MNI BRIEF: China May CPI Flat At 0.3% Y/Y

Local Investors Dump Offshore Bonds, Foreign Inflows Into Local Equities Halted

MNI: US MAY TREASURY BUDGET -347.1B

MNI: USDA: 2024/2025 CORN PRODUCTION EST 14.86B BSL

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 - Oil Start The Week On A Firm Note

MARKET INSIGHT
  • In the equity space, S&P E-minis trend needle still points north and last week's fresh all-time highs confirm a resumption of the broader uptrend. This opens 4591.25, the 1.00 projection of the Jul 19 - Aug 16 - Aug 19 price swing. EUROSTOXX 50 futures broke out of their recent range Friday and have resumed the current upleg. The focus is on 4200.50, the Sep 24 high.
  • In FX, EURUSD is consolidating and in pattern terms, the recent pause appears to be a bull flag. Last week's break of the 20-day EMA signals scope for a stronger short-term corrective bounce and the focus is on the 50-day EMA at 1.1694. Key short-term support is unchanged at 1.1572, Oct 18 low. GBPUSD is off its recent high however short-term bullish conditions remain intact. Sights are set on 1.3913, Sep 14 high and a key resistance. USDJPY maintains a bullish tone and the recent pullback is considered corrective. Scope is seen for a climb towards 114.99, 1.50 projection of the Apr 23 - Jul 2 - Aug 4 price swing. Initial support is at 112.81, the 20-day EMA.
  • On the commodity front, Gold spiked higher Friday before retracing. The break of $1800.6, Oct 14 high is a positive short-term development and with the yellow metal pushing higher today, scope is seen for a recovery towards $1834.0, the Sep 3 high. WTI trend conditions are unchanged and remain bullish with sights on $85.01, 1.00 projection of the Sep 21 - Oct 6 - 7 price swing.
  • In the FI space, trend conditions remain bearish and short-term gains are considered corrective. Bund futures sights are set on 167.79, 2.50 projection of the Sep 9 - 17 - 21 price swing. Key resistance is at 169.92, Oct 14 high. Gilt futures path of least resistance remains down and recent weakness has opened 123.27, 2.00 projection of the Aug 31 - Sep 17 - 21 price swing. Key resistance is unchanged at 125.27, the Oct 14 high.
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.