MNI BRIEF: Canada Commits To Just One Of Three Fiscal Anchors

MNI BRIEF: German Insolvency Rate Slows, 2025 Pickup Expected

MNI BRIEF: Brazil Not Even Close To Fiscal Dominance - David

CORRECTED-MNI BRIEF: Brazil Inflation Rises To 4.87% In Nov

MNI China Daily Summary: Tuesday, December 10

MNI: US REDBOOK: DEC STORE SALES +4.2% V YR AGO MO

US Q3 REV NONFARM PRODUCTIVITY +2.2%; Y/Y +2.0%

US NFIB NOV SMALL BUSINESS INDEX 101.7

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

Renewed Optimism For Equities Weighs On Greenback

FOREX
  • A slightly higher-than-expected US ISM Services gave a very brief boost to the greenback, however a moderate decline in the prices paid component was enough to sap any momentum for the move. Overall, the USD index is posting losses of around 0.35% on Friday, a partial pullback from yesterday’s, however currency markets have maintained tight ranges ahead of the weekend close. Additionally, participation has been low, with volumes and activity generally comfortably below recent averages.
  • The softer tone for the US Dollar is reflective of a more optimistic mood across equity markets with e-mini S&P 500 futures rising around 1.3% on Friday. The more positive backdrop amid lower US yields has benefitted the Japanese yen, with USDJPY sliding back towards 136.00, having briefly tested above 137 on Thursday.
  • In similar vein, GBP is towards the top of the G10 leaderboard. Sterling trades more favourably due to an upside revision to the final February services and manufacturing PMI releases. Despite the bounce, GBPUSD trend conditions are bearish and key resistance at 1.2147 has remained intact.
  • AUD has also firmed amid the positive risk backdrop, however, NZD has underperformed on the session. Price action in AUDNZD looks to be short-covering and a recouping of the losses posted earlier this week. The 50-day EMA at 1.0886 looks to have capped the topside and may prove influential with next week’s RBA decision on the docket.
  • Elsewhere next week, central bank decisions in both Canada and Japan will precede the key US employment data on Friday.
Energy BulletsCommodities
Energy BulletsCommodities

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.