Free Trial

Upside pressure remains, EUR/USD........>

EURO-DOLLAR
MNI (London)
EURO-DOLLAR: Upside pressure remains, EUR/USD edges above $1.1100, triggered a
suggested barrier at the figure before it edged on to $1.1111. Corrective
pullbacks shallow with support now seen around $1.1100. Month-end today, prelim
models suggest USD sales at today's fixings and said to be providing some of the
underlying demand interest. Just an observation, in recent month-ends when
market has moved ahead of the fix it often leaves itself open to a squeeze so
chance we could see a sharp reversal before real fix demand emerges. Recent
positive risk outlook has provided the EUR/USD recovery drive but this view seen
slightly dented as US Trump to give a press conference on China. Germany Retail
Sales released at writing, coming in stronger than forecast at -5.3%mm vs
expected -12.0%mm. Little immediate reaction. France CPI (0745BST), EZ M3
(0900BST) ahead of EZ flash CPI at 1000BST. US advance trade balance, Personal
spending/income, PCE at 1330BST ahead of Chicago PMI at 1445BST and UofM at
1500BST. Fed Powell speaks at 1600BST. 
- Support $1.1100, $1.1067, $1.1035/30. Resistance $1.1111, $1.1163(Mar30 high).
MNI London Bureau | +44 203-586-2231 | john.webb@marketnews.com
MNI London Bureau | +44 203-586-2231 | john.webb@marketnews.com

To read the full story

Close

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.