US NOV FLASH MANUF PMI 48.8 (FCST: 48.9); OCT 48.5

MNI:Largest Canada New Home Price Dip Since `09 Led By Toronto

CANADIAN OCT FLASH RETAIL SALES +0.7%, 4TH STRAIGHT INCREASE

MNI China Daily Summary: Friday, November 22

MNI: PBOC Net Drains CNY345.9 Bln via OMO Friday

MNI BRIEF: Fed Should Explore Central Clearing At SRF-Hammack

EZ/UK T-Bill Calendar: Germany, France Auction on Monday

EZ/UK Bond Supply Calendar: Gilt Syndi; IT, EU Due Monday

MNI: UNIV OF MICHIGAN CONSUMER SENTIMENT FINAL NOV INDEX 71.8

AUSTRALIA: 2025 Election Outcome Looking More Uncertain According To Newspoll

MNI EXCLUSIVE: German Turmoil Dashes EU's Joint-Funding Hopes -Officials

FED: Powell's Time Looks Up, Replacement Could Be Less Willing To Cut Rates?

© 1982-2024 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

Risk Outlook Keeps USD Under Pressure. Focus on NFP.

EUR
MNI (London)
  • Maintained its break above $1.2100 Thursday on continued risk appetite, this interest fuelled into the NY session on the back of headlines concerning a bipartisan fiscal stimulus plan, both sides noting a deal needs to be done, just down to details/size.
  • EUR/USD pushed on to an extended recovery high of $1.2175 ahead of the 1600GMT fix then retreated as markets reacted to a report that Pfizer would be cutting its year end vaccine roll out target due to supply chain issues.
  • Rate eased to $1.2133 before it edged to $1.2149 into the close.
  • Asia saw consolidation between $1.2139/54, markets turning their attention toward this afternoon's key US Employment Report release(NFP median 486k).
  • However, underlying tone retains a positive feel though area between $1.2175/1.2205 could prove technically difficult.
  • Support $1.2133, stronger into $1.2100.
  • Germany Factory Orders at 0700GMT ahead of US Jobs data at 1330GMT, along with US Trade. US Factory Orders 1500GMT.
  • Fed speakers include Williams(1305GMT, Evans(1400GMT), Bowman(1500GMT. Nowcast St Louis Fed GDP at 1600GMT, NY Fed GDP 1615GMT.
  • MNI Techs: EURUSD is bullish and continued north once again yesterday. This week's clearance of the Sep 1 high of 1.2011 confirms a resumption of the uptrend that has dominated since the reversal on Mar 23. The pair has also cleared 1.2102, 76.4% of the entire 2018-20 downleg reinforcing bullish conditions. With further gains likely, the focus is on 1.2184, a Fibonacci projection. On the downside, initial support is seen at 1.2101 and 1.2040.
MNI London Bureau | +44 203-586-2231 | john.webb@marketnews.com
BulletMarketsForeign Exchange Bullets
MNI London Bureau | +44 203-586-2231 | john.webb@marketnews.com
BulletMarketsForeign 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.