Free Trial

USD holds firm, DXY trades above 94 -.........>

FOREX
FOREX: USD holds firm, DXY trades above 94
- Weekend remarks from Treasury Secretary Mnuchin that said the US will put the
China tariffs on hold, supported throughout Asia. The firmer USD tone spilled
over into Europe pressuring the majors to fresh session lows.
- USDJPY squeezed to Y111.40, aided by the DXY move through 94.
- EURUSD touched 2018 lows of $1.1717 with added weight from ECB Nowotny remarks
that said euro-area inflation will not rise dramatically. GBPUSD made a show
under $1.3400 to print $1.3395 as the seasonal trend of 8 straight losses in May
continues to play out (currently -2.5%).
- AUD is the main outperformer on extended react to the US-China trade
headlines. AUDNZD supported following the o/n release of soft NZ Retail Sales
which has seen the cross consolidate above the 200-dma, last NZ$1.0904.
- USDCHF briefly reclaimed the parity level on the stronger USD theme, before
profit take sales eased.
- CAD remains underpinned by firmer oil prices but largely held a narrow
C$1.2854-92 range.

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.