MNI BRIEF: China Visitor Mobile Payments Surge in H1

MNI China Daily Summary: Friday, July 26

MNI BRIEF: Foreign Firms Content In China

MNI BRIEF: Turkish Inflation Expectations Steady- TEBA

MNI China Press Digest July 26: Deposit Rates, Fiscal, PBOC

MNI: PBOC Net Injects CNY299.05 Bln via OMO Fri

MNI: BAKER HUGHES US RIG COUNT 589; OIL RIGS 482; GAS RIGS 101

MNI: UNIV OF MICHIGAN CONSUMER SENTIMENT FINAL JUL INDEX 66.4

EZ/UK Bond Supply Calendar: BoE Short APF Operation on Monday

RPT-MNI: Canada Sticks To Fiscal Anchors, Spends Chunk Of Windfall

© 1982-2024 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

USD Extends On Friday Recovery Following Stronger US Data

FOREX
  • An impressive US Empire Manufacturing reading (+10.8 vs. Exp. -18.0) remains the initial trigger for the extension of US dollar strength to start the week. Additionally, shakier financial earnings on Monday (Charles Schwab, State Street) have underpinned the greenback’s resolve. Despite a late recovery for equities, the USD index is maintaining a 0.55% advance.
  • Most G10 pairs display an expression of USD strength, as EUR/USD, GBP/USD fall between 0.3-0.6% and USD/JPY rallied to an April high of 134.57 amid the higher US yields.
  • Overall, GBP/USD is extending the corrective pullback posted Friday and 1.2345, which marks the next major support, has held so far. If broken, this opens the 1.0% lower 10-dma envelope at 1.2318 - a level crossing ~1.8% below recent highs. The technical indicator has held prices since mid-March - so a show below could mark a more protracted correction in the short-term.
  • For the USD index, 102.522 marks the 76.4% retracement for the April dollar downleg, of which a break above would open 103.058.
  • The RBA minutes kick off Tuesday’s calendar, followed by China Q1 GDP and March monthly activity indicators. The consensus looks for improvement across the board relative to previous outcomes, as the economy emerged from lockdowns late last year. UK unemployment, German ZEW and Canadian CPI are all scheduled throughout the day.
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.