MNI BRIEF: Smaller Firms Split Over Wage Hikes - BOJ Report

MNI BRIEF: Majority Of Regions Cut Economic View - BOJ

MNI BRIEF: RBA To Change Policy Implementation Mechanism

CORRECTED-MNI: Changing Brazil Fiscal Target Not "Plan A"

MNI BRIEF: PBOC To Curb Any Overshooting Of The Yuan-MPC

MNI China Daily Summary: Wednesday, April 3

Impressive Services PMI Helps Push Eurozone Back Into Growth

BOE DMP and UK services PMI both soft

UK MAR FINAL SERVICES PMI 53.1 (FLASH 53.4); FEB 53.8

MNI BRIEF: Poilievre Calls QE 'Scam' And Would Limit BOC Remit

MNI: Growth Drag From Net Zero Carbon Goal Can Be Offset-OECD

MNI BRIEF: Lawmakers Signal Tough Hearing For BOC's Macklem

© 1982-2023 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

USD Bolstered Amid Risk Selloff, AUDUSD Extends Yearly Lows

FOREX
  • Treasury yields extended their decline on Friday as new data on US manufacturing added weight to mounting recessionary concerns across global markets. The risk-off tone was dollar supportive, with all major currencies losing ground apart from the Japanese Yen.
  • AUD/USD has fallen to fresh YTD lows, dipping below the 0.6800, before stabilising somewhat. From a technical standpoint, the next level to watch will be 0.6805, the June 22, 2020 low. Below that is the June 15th low of 0.6777.
  • Additionally, AUD/JPY is off by over 2%, through the 50-day MA, last tracking close to 91.80, having made a low print of 91.42.
  • The Euro had remained fairly subdued throughout European hours as Eurozone CPI data came in just ahead of expectations at 8.6% Y/Y. However core inflation came in below forecast at 3.7% - making for a broadly market-neutral release.
  • A significant dampening of market sentiment then prompted a fresh wave of selling for EURUSD, which printed below yesterday’s lows of 1.0383. This narrows the gap once again with the 1.0350, May 13 low and a bear trigger. Furthermore the 1.0341 low from 2017 loiters just below this key support. For bulls, a breach of 1.0600 would alter the picture and highlight a bullish channel breakout.
  • Swiss CPI and the Bank of Canada’s Business Outlook Survey highlight Monday’s calendar, however it is worth noting the US will be out for July 4th holiday.
Energy BulletsCommodities
Energy BulletsCommodities

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.