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MNI EUROPEAN MARKETS ANALYSIS: US Yields Tick Up, JGBs Steady
USD Partially Erases Monday Advance, Argentina Trade Balance Due
- The USD Index sits slightly softer, partially erasing the Monday strength as the currency recouples with the US yield curve USD/CNH backtracked in early European / late Asia-Pac hours, putting the pair back below the 50-dma in a move that may raise suspicion of official intervention in the currency.
- No specific headline trigger or newsflow to prompt the move, with USD/CNH erasing the uptick posted early Monday, narrowing the gap with the 50% retracement for the Nov 14 - Nov 21 upleg at 7.1031.
- Eurozone consumer confidence and Richmond Fed Manufacturing Index make up the data calendar, with Fed speakers including Fed's Mester, George and Bullard ahead of tomorrow’s FOMC minutes.
- In LatAm, Argentina will post trade balance figures for Ocotber.
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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.