-
Policy
Policy
Exclusive interviews with leading policymakers that convey the true policy message that impacts markets.
LATEST FROM POLICY: -
EM Policy
EM Policy
Exclusive interviews with leading policymakers that convey the true policy message that impacts markets.
LATEST FROM EM POLICY: -
G10 Markets
G10 Markets
Real-time insight on key fixed income and fx markets.
Launch MNI PodcastsFixed IncomeFI Markets AnalysisCentral Bank PreviewsFI PiFixed Income Technical AnalysisUS$ Credit Supply PipelineGilt Week AheadGlobal IssuanceEurozoneUKUSDeep DiveGlobal Issuance CalendarsEZ/UK Bond Auction CalendarEZ/UK T-bill Auction CalendarUS Treasury Auction CalendarPolitical RiskMNI Political Risk AnalysisMNI Political Risk - US Daily BriefMNI Political Risk - The week AheadElection Previews -
Emerging Markets
Emerging Markets
Real-time insight of emerging markets in CEMEA, Asia and LatAm region
-
Commodities
-
Credit
Credit
Real time insight of credit markets
-
Data
-
Global Macro
Global Macro
Actionable insight on monetary policy, balance sheet and inflation with focus on global issuance. Analysis on key political risk impacting the global markets.
Global MacroDM Central Bank PreviewsDM Central Bank ReviewsEM Central Bank PreviewsEM Central Bank ReviewsBalance Sheet AnalysisData AnalysisEurozone DataUK DataUS DataAPAC DataInflation InsightEmployment InsightGlobal IssuanceEurozoneUKUSDeep DiveGlobal Issuance Calendars EZ/UK Bond Auction Calendar EZ/UK T-bill Auction Calendar US Treasury Auction Calendar Global Macro Weekly -
About Us
To read the full story
Sign up now for free trial access to this content.
Please enter your details below.
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.
Real-time Actionable Insight
Get the latest on Central Bank Policy and FX & FI Markets to help inform both your strategic and tactical decision-making.
Free AccessMNI China Daily Summary: Wednesday, December 11
Price Signal Summary - Path Of Least Resistance in FI Futures Remains Down
- In the equity space, S&P E-Minis remain soft and continue to trade closer to recent lows. Last week’s breach of 3900.00, the Sep 7 low, strengthened bearish conditions and signals scope for a move towards 3819.54 next, 76.4% retracement of the Jun 17 - Aug 16 bull leg. A break would open 3741.75, the Jul 14 low. EUROSTOXX 50 futures maintain a bearish tone following the reversal on Sep 13 and the subsequent move lower. A key support at 3423.00, the Sep 5 low, has been pierced. A clear break would expose 3360.00, the Jul 16 low.
- In FX, the EURUSD outlook remains bearish and the pair is trading lower. Price remains inside the bear channel, drawn from the Feb 10 high and attention is on the bear trigger at 0.9864, Sep 6 low. The channel top intersects at 1.0087 and marks a key resistance. A channel breakout is required to signal a short-term reversal. GBPUSD trend conditions remain bearish and the downtrend has again resumed. The recent break of support at 1.1406, Sep 7 low, confirmed a continuation of the downtrend. The focus is on 1.1248, 1.618 projection of the Jun 16 - Jul 14 - Aug 1 price swing. USDJPY is consolidating and this pause in the uptrend appears to be a bullish pennant formation. This pattern reinforces the broader bullish theme and attention is on the bull trigger at 144.99, Sep 7 high. A break would resume the uptrend and open 145.28 and 146.03, the 2.618 and 2.764 projection of the Aug 2 - 8 - 11 price swing. Initial firm support is at 141.51, Sep 9 low. A strong support also lies at the 20-day EMA, at 141.43.
- On the commodity front, Gold remains in a clear downtrend and last Thursday’s bearish extension reinforces this theme - price has cleared support at $1681.0, the Jul 21 low and this confirms a resumption of the downtrend that started early March. Attention is on $1640.9 next, the Aug 8 2020 low. Initial resistance is at $1688.9, the Sep 1 low. In the Oil space, the WTI futures outlook is bearish and today’s gains are considered corrective. The recent break of support at $85.37, Aug 16 low, confirmed a resumption of the downtrend that started Jun 8. A resumption of weakness would open $79.83 next, the Feb 18 low. Firm resistance is at $89.86, the 50-day EMA.
- In the FI space, Bund futures remain in a clear downtrend and Tuesday’s extension lower confirmed a resumption of the bear leg that started early August. 140.67, the Jun 16 low (cont), has been pierced. A clear break would open the psychological 140.00 handle. Gilts remain vulnerable and futures touched a fresh trend low of 103.60 on Tuesday. Attention is on 103.31 the Jun 2008 low.
To read the full story
Sign up now for free trial access to this content.
Please enter your details below.
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.