BOC WILL BE CONSDIERING FURTHER RATE CUTS

BOC DOESN'T SEE A RECESSION, RATHER SLOW GROWTH

BOC SAYS WEAKER CAD DRIVEN BY USD STRENGTH

MNI China Daily Summary: Wednesday, December 11

MNI BRIEF: Chinese Rail Passenger Numbers Break Record

MNI: PBOC Net Injects CNY37.3 Bln via OMO Wednesday

US EIA: CRUDE OIL STOCKS EX SPR -1.42M TO 422.0M DEC 06 WK

BOC CUTS RATE 50BPS TO 3.25%, SEES GRADUAL APPROACH FROM HERE

MNI: US NOV CPI 0.3%, CORE 0.3%; CPI Y/Y 2.7%, CORE Y/Y 3.3%

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 - USDJPY Dips Considered Corrective

MARKET INSIGHT
  • In the equity space, S&P E-minis are holding onto the bulk of recent gains and remain above the 4500.00 handle. This week's climb signals potential for stronger gains near-term and attention is on 4539.50, Sep 3 high and the bull trigger. EUROSTOXX 50 futures are consolidating and recent price action appears to be a bull flag. The focus is on 4200.50, Sep 24 high.
  • In FX, EURUSD traded higher yesterday and this week has breached its 20-day EMA. The break signals scope for a stronger short-term corrective bounce and a resumption of strength would open the 50-day EMA that intersects at 1.1699. Support is at 1.1572, Oct 18 low. GBPUSD has this week traded above resistance at 1.3795, 76.4% of the Sep 14 -29 downleg. Further gains would open 1.3913, Sep 14 high. USDJPY maintains a bullish tone and traded to a fresh trend high yesterday. Attention is on 114.99, 1.50 projection of the Apr 23 - Jul 2 - Aug 4 price swing. Dips are considered corrective.
  • On the commodity front, Gold remains below recent highs. The sharp reversal lower on Oct 15 highlights a potential bearish threat. Short-term resistance has been defined at $1800.6, the Oct 14 high. Support to watch is at $1746.0, Oct 6 low. These levels represent key short-term directional triggers. WTI trend conditions remain bullish. The focus remains on $85.01, 1.00 projection of the Sep 21 - Oct 6 - 7 price swing.
  • In the FI space, trend conditions remain bearish. Bund futures traded to a fresh trend low yesterday and confirmed a resumption of the underlying downtrend. This has exposed 167.98, 2.382 projection of the Sep 9 - 17 - 21 price swing. Resistance is at 169.92, Oct 14 high. Gilt futures remain vulnerable. A resumption of weakness would open 123.27, 2.00 projection of the Aug 31 - Sep 17 - 21 price swing. Resistance is at 125.27, the Oct 14 high.
Homepagemarkets-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.