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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.
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Get the latest on Central Bank Policy and FX & FI Markets to help inform both your strategic and tactical decision-making.
Free AccessMNI ASIA MARKETS OPEN: Tsy Curves Reverse Course Ahead Wed CPI
MNI ASIA MARKETS ANALYSIS:Waiting For Next Inflation Shoe Drop
Key Inter-Meeting Fed Speak – Dec 2024
US TREASURY AUCTION CALENDAR: Avg 3Y Sale
Price Signal Summary - USD Support Levels Hold
- On the equity front, S&P E-minis are lower and extending this week's corrective pullback. Support to watch is 4479.62, the 20-day EMA. The underlying trend condition is bullish and a resumption of strength would open 4580.21, 1.382 projection of the Jun 21 - Jul 14 - 19 price swing. EUROSTOXX 50 futures are also trading lower this morning. Trend conditions remain bullish but watch support at 4138.50, Aug 26 low.
- In the FX space, EURUSD remains below Friday's high of 1.1909 and is trading lower this morning. The next support lies at 1.1807, the 20-day EMA. Key resistance is unchanged at 1.1909, the Jul 30 high and Sep 3 high. GBPUSD maintains a short-term bullish tone but is pulling away from recent highs. Watch support at 1.3731, Sep 1 low. A break would undermine recent bullish signals. USDCAD rallied yesterday and is firmer today. The pair has defined a key short-term support at 1.2494, Sep 3 low. Immediate resistance is at 1.2708, Aug 27 high. DXY has recovered back above its 50-day EMA and short-term conditions appear to be improving for bulls. Key support at 91.78, Jul 30 low remains intact and a stronger reversal would highlight a potential base. A break of 91.78 is required to strengthen the case for bears.
- On the commodity front, Gold has pulled back from recent highs. The near-term outlook remains bullish with the key trigger for an extension higher at $1834.1, Jul 15 high. Support to watch is $1774.5, Aug 19 low. WTI futures remain in a bull mode. The focus is on $70.74, 76.4.% retracement of the Jul 30 - Aug 23 sell-off.
- In FI, Bund futures remain vulnerable following yesterday's sharp sell-off. The focus is on 171.30, 2.382 projection of the Aug 5 - 11 - 17 price swing. Gilt futures are weaker following yesterday's breach of support at 128.03, the Jul 6 low (cont). This opens 127.65, 61.8% of the Jun 3 - Aug rally (cont).
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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.