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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.
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Strong US Employment Data Puts Regional FX On Back-Foot
- Stronger-than-expected US employment data has put pressure on LatAm FX on Friday, with USDCLP gapping up by more than 1% on the open and USDBRL rising by over 0.7%, taking the pair back above key resistance at 5.2869. Following the large gains earlier this week, USDMXN remains moderately lower on the day.
- For USDBRL, a clear breach of key resistance at 5.2869, the Apr 16 high, would open 5.3330, 76.4% of the Nov 17 ‘22 - Jul 28 ‘23 bear cycle.
- A bear trend in USDCLP remains intact and the latest recovery appears to be a correction - for now. The 20-day EMA has been pierced. The next important resistance is seen at 926.79, the 50-day EMA.
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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.