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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 EUROPEAN MARKETS ANALYSIS: ECB Expected To Cut Rates Later
MNI EUROPEAN OPEN: A$ & Local Yields Surge Following Jobs Data
USD Finishes Week On Front Foot, CAD Reverses Post Strong Jobs Data
- G10 currencies were subdued on Friday, with little news or event risk to garner significant market interest. Despite the narrow ranges, the greenback trades in marginally firmer territory capping off a positive week for the dollar index, rising around 0.6%.
- Headlines surrounding the Biden administration weighing a new investigation into Chinese subsidies and their damage to the U.S. economy as a way to pressure Beijing on trade prompted a small spike in USDCNH. The pair rose from around 6.43 to 6.44 before consolidating thereafter.
- The Canadian dollar traded well in the lead up to Canadian employment data. The figures surprised to the upside, posting a 90k increase in the net change for August and a lower unemployment rate of 7.1%. Similar price action to the bank of Canada where initial CAD optimism dissipated almost immediately, causing a path of least resistance short squeeze in USDCAD. Equity weakness exacerbated this bounce with USDCAD reversing the entirety of the days move from 1.2583 lows back to 1.2660, broadly unchanged on the day.
- Little in the way of meaningful price action elsewhere, however, EURUSD has traded with a heavy tone, slipping to the lowest levels of the day, just 10 pips shy of the weeks lows and what has been defined as a key short-term support and bear trigger at 1.1802.
- For Friday, NZD (+0.28%) and NOK (+0.21) topped the G10 pile while the Japanese Yen (-0.2%) actually underperformed despite the softer US indices.
- A quiet Monday data docket before the market focus turns to the week's key US CPI data scheduled on Tuesday.
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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.