MNI BOE WATCH: Narrow Path To Aug Cut, Wary Messaging Likely

MNI China Daily Summary: Tuesday, July 30

MNI BRIEF: China To Step Up Macroeconomic Policies - Politburo

MNI CNB WATCH: Fine-Tuning Set To Start, But 50Bps 'In Play'

MNI: PBOC Net Drains CNY51.03 Bln via OMO Tuesday

MNI: PBOC Sets Yuan Parity Higher At 7.1364 Tues; -1.28% Y/Y

German inflation: Slight upside to consensus - as our tracking expected

MNI: GERMANY JULY FLASH HICP +0.5% M/M, +2.6% Y/Y

MNI: GERMANY JUL CPI +2.3% Y/Y

RPT-MNI: Canada Sticks To Fiscal Anchors, Spends Chunk Of Windfall

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

Second Session of Stock Sell-Off Strengthens Greenback

FOREX

The USD index recorded four consecutive sessions of gains for the first time since late June Friday, with the extension of the stock sell-off well into Friday trading hours boosting the greenback once more.

A familiar theme emerged shortly following Friday's cash equity open, with tech and communication services firms faltering in favour of financials, suggesting the rotation theme present on Thursday carried through into the end of the week.

US jobs data was mixed - the headline came in broadly inline with expectations, but the unemployment rate data and average hourly earnings were well ahead of forecast. This added another crutch to the USD rally which saw EUR/USD reverse course and briefly trade below 1.18.

GBP was one of the poorest performers Friday, reversing strength from earlier in the week as market eschewed risk ahead of the long weekend (US Labor Day holidays keep US markets closed Monday). 1.3054 acts as longer-term support in the pair.

The coming week should start slowly with US Labor Day Monday, however Chinese trade balance as well as Chinese and US inflation data.

The Bank of Canada and ECB rate decisions are on the docket, with both banks seen keeping key policy rates unchanged.

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.