© 1982-2023 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

MNI: OECD Sees Weakest Growth Outside of Pandemic Since 2008

PBOC Drains Net CNY22 Bln Weds; Rates Unchanged

MNI BRIEF: RBNZ Holds At 5.5%, Adjusts Peak OCR, CPI Calls

EZ/UK Bond Supply Calendar: BOE Long APF Operation on Monday

EZ/UK T-Bill Calendar: 1/3/6-Month UKTB Auction on Friday

US EIA: CRUDE OIL STOCKS EX SPR +1.61M TO 449.7M NOV 24 WK

MNI BRIEF: Lawmakers Signal Tough Hearing For BOC's Macklem

MNI BRIEF:Macklem-Fiscal Policy Turning Unhelpful On CPI Fight

MNI BRIEF: Stabilizing Prices Helps BOC Turn Neutral-Freeland

Price Signal Summary - USDJPY Trend Needle Is Still Pointing North

OUTLOOK
  • In FX , EURUSD initially traded lower Friday, before bouncing sharply into the London close. A continuation higher would signal scope for a climb towards resistance at 1.0977, the Jun 27 high and 1.1012, the Jun 22 high. The latter is the bull trigger - a break would resume the recent bull cycle. On the downside, clearance of last week’s low of 1.0835 would be seen as a bearish development and confirm a break of the 50-day EMA, at 1.0855.
  • A bearish corrective cycle in GBPUSD has recovered from 1.2591, the Jun 29 low. Friday’s price action could be an early reversal signal that suggests the recent corrective pullback is over. A move above resistance at 1.2760, the Jun 27 high, would be a positive development. For bears, a resumption of weakness and a break of 1.2591 would resume the recent downtrend and expose the 50-day EMA at 1.2551 and trendline support at 1.2542 - drawn from the Mar 8 low.
  • USDJPY maintains a bullish tone and is holding on to the bulk of its recent gains. Last week’s extension confirmed a resumption of the uptrend. The focus is on 145.66, a 1.50 projection of the Jan 16 - Mar 8 - Mar 24 price swing and 146.19, resistance at the 2.0% 10-dma envelope. USDJPY remains the most overbought (as per the 14-day RSI) since mid-October. Key short-term support is at 141.99, the former bull channel top drawn from the Jan 16 high. A break would signal scope for a deeper correction. USDJPY is the most overbought (as per the 14-day RSI) since mid-October. Key short-term support is at 141.84 the 20-day EMA. A break would signal scope for a deeper correction.
Homepage markets-real-time Bullet Markets Fixed Income News Foreign Exchange News

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.