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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.
MARKET INSIGHT
- S&P E-mini futures failed to hold onto yesterday's high. The bull trend remains intact though. We are monitoring the 20-day EMA as a key short-term support - the average intersects at 3620.00 today. The outlook is bullish with the objective at 3739.50, 1.50 projection of the Sep 24 - Oct 12 rally from Oct 30 high. A break of support would signal scope for a deeper pullback.
- In the FX space, Sterling remains volatile.
- EURGBP has recovered off yesterday's low of 0.9045. The trend condition remains bullish. Key support to watch is 0.8983, Dec 4 low.
- Cable remains above Friday's 1.3135 low. The bounce off this level maintains the broader bullish trend structure. Scope is seen for a climb towards 1.3539 near-term, Dec 4 high.
- The USD remains in a downtrend. EURUSD support is 1.2059, Dec 9 low. Attention is on 1.2184, 1.382 projection of the Nov 4 - 9 rally from the Nov 11 low.
- EU FI trend conditions remain bullish.
- Bund (H1) focus is on 178.89 next, 1.00 projection of the Nov 11 - 30 rally from the Dec 2 low.
- Gilts (H1) have defined a key short-term support at 1.3481., yesterday's low. This level needs to hold to avoid a deeper sell-off. The trend direction remains up.
- On the commodity front, Gold is firmer having bounced off $1818.9 yesterday. Key resistance is at $1875.4, Dec 8 high. Brent (G1) bullish objectives are set at $51.66, 0.764 projection of the Nov 16 - 25 rally from Dec 2 low. WTI (F1) bulls eye $48.07 next, 0.764 projection of Apr - Aug rally from the Nov 2 low.
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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