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Free AccessSentiment Stabilizes, But No Sea Change in Appetite
- Markets are reversing course Tuesday, with equities recovering off the Monday low and adding pressure to haven currencies. As a result, the JPY, USD and EUR are the poorest performers ahead of the NY open.
- At present, the turnaround in sentiment looks more like a stabilisation of investor appetite rather than any sea change, with the e-mini S&P still below 4400 and south of yesterday's highs. Similarly, European indices are a touch firmer but are yet to erase the losses suffered Monday.
- A bottoming out of commodity markets (WTI, Brent higher by over 1.5% apiece) is assisting the AUD, CAD and NOK strength. This solidifies the 50-dma in USD/NOK as solid resistance at 8.7965 - a level challenged, but not topped, earlier in the week.
- US housing starts and building permits data is the calendar highlight Tuesday, with the OECD also releasing their interim economic outlook. There are no central bank speakers of note.
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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.