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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.
FOREX
- Net long specs on the US Dollar continued to rise in the week ended July 19, increasing by 25.1K to a total of 221K contracts, their highest level since early January.
- The recent consolidation in the DXY index has been mainly driven by an easing of the scale of rate hike speculation from Fed this week on July 27.
- Market expectations have fallen back towards 75bps, in line with sell-side analysts' estimates, as soft data continues to price in further deceleration in the economic activity.
- After breaking above the 109 level on July 14, the DXY index has been constantly reaching new lows in the past 10 days, currently trading slightly above the 106 support.
- Next level to watch on the downside stands at 105.84, which corresponds to the 23.6% Fibo retracement of the 94.64 - 109.29 range, followed by 105.
- On the topside, resistance to watch stands at 107.
Source: Bloomberg/MNI
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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