Free Trial
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
- The greenback has had a strong turnaround over the past few hours, with the USD index, down 0.41%, now looking set to snap its impressive winning streak in April that has seen the index rise from below the 98.00 mark to the earlier peak of 100.52.
- The reversal being led by firm gains in the Euro, JPY and the Canadian dollar following the BOC’s 50bp rate hike and accompanying hawkish rhetoric.
- EURUSD came within three pips of the March lows and bear trigger of 1.0806, which now marks an interesting inflection point as we head into tomorrow’s ECB rate decision/statement with MNI flagging that markets should be prepared for a potential hawkish surprise.
- The recent failure at 1.1185, Mar 31 high, continues to highlight a bearish threat and last week’s move lower has reinforced this theme, however, a break of 1.0806 is needed to confirm a resumption of the downtrend.
- In similar vein, USDJPY has had a sharp turnaround after breaking the 2015 highs earlier in the session. After breaching 125.86, momentum buying saw the pair clear the 1.26 hurdle and trade as high as 126.32. The broad dollar weakness has seen momentum wane and a close back below the 125.86 mark would be considered a bearish development. With trend conditions still residing in overbought territory – the potential for a consolidation and/or move lower may have been bolstered.
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.
We are facing technical issues, please contact our team.
ok
Your request was sent sucessfully! Our team will contact you soon.
ok