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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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The cross-market post-U.S. CPI swings, which were initially linked to the firmer than expected inflation readings, before the impact of the combination of relatively one-way position covering/unwind of cross-market hedges, heightened sensitivity to Gilt market dynamics (with another large round of BoE Gilt purchases seen) and potential JPY intervention from the Japanese authorities was felt.
- We also note that the S&P 500 seemed to draw some interest around the 50% retracement of the move from the Mar ’20 lows to the all-time highs, after registering a fresh round of YtD lows post-data.
- The 50% retracement of the swing from COVID lows to all-time highs in the cash S&P 500 index sits at 3,505.24. The index printed a low of 3,491.58 on Thursday, so that technical measure didn’t provide clearly defined support in that case. However, the equivalent level in S&P 500 futures sits at 3,491.13, with that contract printing a low of 3,502.00 on Thursday, pointing to the potential for some technical-related buying ahead of that retracement level in that contract.
Fig.1: S&P 500 E-Mini Futures
Source: MNI - Market News/Bloomberg
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
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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