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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.
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Get the latest on Central Bank Policy and FX & FI Markets to help inform both your strategic and tactical decision-making.
Free AccessMNI UST Issuance Deep Dive: Dec 2024
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MNI ASIA MARKETS ANALYSIS: Jobs Data Green Lights Rate Cuts
USD Downside Limited Ahead Of July 4 Holiday, USD/JPY Dips Supported
The early USD trends were to the downside, although the BBDXY index didn't test sub intra-session lows from Wednesday. The BBDXY last tracked near 1265.25, down slightly for Thursday trade so far.
- There has been no cash Tsy trading with US markets out for the July 4 holiday later. Futures in this space are a touch lower. US equity futures are close to flat, but regional equity markets have been positive, lending a slight risk on trade, although we sit away from best levels.
- AUD/USD was last 0.6710/15, while NZD/USD is around 0.6110. For the A$, higher iron ore prices are also a positive, although recent gains have been dominated by positive yield momentum. Both currencies remain sub Wednesday highs. The Australian May trade surplus was slightly below expectations but didn't impact sentiment.
- USD/JPY was weaker in earlier trade, but remains supported on dips. From lows at 161.14, we last tracked near 161.50/55, only down slightly for the session. FX intervention risks remain, but as we noted earlier, USD/JPY rates of change below April levels, which came prior to intervention.
- News flow has been light today, with focus remaining on Biden's election prospects and whether he will stay in the race. A group of Democrat Governors backed the President, but a Bloomberg story stated some Democrat Senators have expressed doubts.
- Later the ECB’s Lane and Cipollone speak and the minutes from the June 5-6 meeting are published. The UK election is also held. German May factory orders print.
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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.