MNI BRIEF: Fed's Goolsbee Sees Rates Fair Bit Lower In A Year

CANADA JOBLESS RATE +6.8% VS FORECAST +6.6%, PRIOR +6.5%

MNI China Daily Summary: Friday, December 6

MNI: PBOC Net Drains CNY288.1 Bln via OMO Friday

MNI: PBOC Sets Yuan Parity Lower At 7.1848 Fri; -1.64% Y/Y

BRIEF: EU-Mercosur Deal In Final Negotiations - EC

MNI: UNIV OF MICHIGAN CONSUMER SENTIMENT PRELIMINARY DEC INDEX 74.0

CANADA NOV IVEY PURCHASING MANAGERS INDEX 52.3 SA

EZ/UK Bond Supply Calendar: Austria, UK Auction on Tuesday

MNI EXCLUSIVE: EU-Mercosur Deal Close, But Likely Short-Lived - Officials

AUSTRALIA: 2025 Election Outcome Looking More Uncertain According To Newspoll

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

Price Signal Summary - USD Bulls Still In The Driver’s Seat

OUTLOOK
  • In the equity space, S&P E-Minis activity remains closer to recent lows. The contract remains in a downtrend and any short-term gains are considered corrective. Last week’s extension reinforces the bearish theme and attention on 3902.01 next, 61.8% retracement of the Jun 17 - Aug 16. A break would open 3834.00, Jul 19 low. The EUROSTOXX 50 contract has traded to a fresh trend low today. The reversal from Friday’s high reinforces bearish conditions and signal scope for an extension lower. The contract has pierced 3456.00, the 76.4% retracement of the Jul 5 - Aug 17 rally. A clear break would open 3386.00, the Jul 15 low.
  • In FX, the EURUSD trend direction is unchanged and remains down. The pair has traded to a fresh trend low of 0.9878 to confirm a resumption of the downtrend. A continuation is likely and attention is on the 0.9800 handle. The GBPUSD trend needle still points south and the pair has traded to a fresh trend low today. The focus is on 1.1412, the Mar 20 2020 low and a major support. USDJPY bulls remain in the driver’s seat and the pair is holding on to last week’s gains. The recent break of 139.39, Jul 14 high, confirmed a resumption of the primary uptrend and the USD has also cleared the 140.00 handle. The focus is on a move to 140.86 next, 1.764 projection of the Aug 2 - 8 - 11 price swing.
  • On the commodity front, Gold remains in a clear short-term downtrend and last week’s extension reinforces a bearish condition. Support at $1727.8, Aug 22 low was breached - this confirms a resumption of the bear cycle and the break lower paves the way for a test of $1681.0, the Jul 21 low and a key bear trigger. In the Oil space, WTI futures remain vulnerable following last week’s sharp reversal - a bearish engulfing candle was confirmed on Aug 30. This pattern suggests potential for a stronger sell-off near-term that exposes key support at $85.37, the Aug 16 low.
  • In the FI space, Bund futures remain in a clear downtrend and short-term gains are considered corrective. The contract has breached 147.94, 61.8% of the Jun 16 - Aug 2 bull leg. The break reinforces bearish conditions and opens 146.50, the Jun 30 low. Gilts have started the week on a bearish note and the contract has traded to a fresh trend low. This reinforces a bearish theme and signals scope for weakness towards 106.03 next, 1.382 projection of the Aug 22 - 24 - 26 price swing.
Metals bulletForeign Exchange Technical AnalysisHomepagemarkets-real-timeCommoditiesEquitiesEnergy BulletsBulletMarketsFixed Income BulletsForeign Exchange Bullets
Metals bulletForeign Exchange Technical AnalysisHomepagemarkets-real-timeCommoditiesEquitiesEnergy BulletsBulletMarketsFixed 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.