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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 increased in the week ended June 21, up 14.1K to a total of 146.5K contracts.
- Overall, the ‘Short Dollar Trade’ remains moderately crowded despite the US Dollar trading close to a 20Y high.
- Risk off sentiment amid elevated geopolitical uncertainty combined with the ‘hawkish’ Fed have been the main drivers of the USD this quarter.
- The DXY index found resistance slightly below the 106 level in mid-June before consolidating lower in the past two weeks, currently trading below the 104 level.
- Momentum on the greenback remains bullish; ST support to watch on the downside stands at 103.12, which corresponds to the 50DMA (where the Dollar found support several times in end of May / early June).
- On the topside, first resistance stands at 104.94, followed by 105.79.
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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