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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.
FOREX
- Net long specs on the US Dollar continued to rise in the week ended July 12, increasing by 32.5K to a total of 196K contracts, their highest level since early January.
- Momentum on the dollar has been mainly driven by the renewed geopolitical tensions and the ‘hawkish’ Fed tone following the June inflation print.
- DXY broke above the 109 level on Thursday before edging lower in recent days, gradually approaching the 107 support.
- The consolidating on the dollar we have observed in the past few days has been mainly driven by the ease in speculation that Fed will hike by 100bps next week on July 27.
- A 75bps hike at the next meeting sounds more likely after policymakers pushed back against a bigger move in the current risk off environment.
- Next support to watch on DXY index stands at 106.36, followed by 105.
Source: Bloomberg/MNI
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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