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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.
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Price Signal Summary - USD Uptrend Extends
- In the equity space, S&P E-minis remain vulnerable following Tuesday's sharp move lower. The contract remains below the 50-day EMA - the average intersects at 4405.51 and represents initial resistance. A deeper sell-off would expose key support at 4293.75, Sep 20 low. EUROSTOXX 50 futures remain below recent highs. A deeper pullback would expose key support at 3974.00, Sep 20 low. 4113.30, the 50-day EMA is initial resistance.
- In FX, EURUSD remains in a downtrend. The pair has cleared key support at 1.1664, Aug 20 low to confirm a resumption of its downtrend. The focus is on 1.1581, Jul 24, 2020 low and 1.1493, 50.0% retracement of the Mar '20 - Jan '21 bull phase. GBPUSD remains under pressure following this week's sell-off. The focus is on 1.3354 next, Dec 23, 2020 low. USDJPY has traded through key resistance at 111.66, Jul 2 high and the bull trigger. The clear break strengthens a bull case and opens 112.23, Feb 20, 2020 high.
- On the commodity front, Gold traded lower again yesterday and the trend needle still points south. The focus is on $1690.6, Aug 9 low and the bear trigger. WTI futures remain below Tuesday's high of $76.67. Dips are considered corrective and firm support is seen at $73.58, Jul 6 high and a recent breakout level.
- In FI, Bund futures remain in a clear downtrend with the focus on 169.46, 1.50 projection of the Sep 9 - 17 - 21 price swing. Short-term gains are considered corrective. Gilt futures remain heavy despite the rebound from Tuesday's low of 124.84. Resistance is seen at 126.44, Sep 24 high. Treasuries remain in a downtrend. Scope is seen for weakness towards 131-03+, Jun 25 low. Gains are also considered corrective.
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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.