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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.
AUD
AUD/EUR printed its highest levels since 5 April in the aftermath of yesterday's US CPI print. Resistance was seen ahead of €0.62, which is the next key levels for bull, and gains were pared. We now sit at €0.6170/75.
- A rally in US Equities, Senate Minority Leader McConnell there will eventually be an agreement on the debt limit aiding risk appetite, and ECB council member Villeroy pushing back on hawks, as he reiterated his view that the ECB has done the bulk of its tightening, provided a level of support in the NY session.
- Bulls now target a break of €0.62, which opens up the 200-Day EMA (€0.6366).
- The 20-Day EMA (€0.6113) is the first downside target for bears, a break through here opens year to date lows at €0.5959.
Fig 1: AUD/EUR Daily Spot, EMAs
Source: MNI/Bloomberg
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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