MNI China Daily Summary: Friday, March 29

MNI: PBOC Injects Net CNY148 Bln Via OMO Fri; Rates Unchanged

MNI: PBOC Sets Yuan Parity Higher At 7.0950 Fri; -4.70% Y/Y

CHINA PBOC INJECTS CNY150 BILLION VIA 7-DAY REVERSE REPOS FRI

CHINA SETS YUAN CENTRAL PARITY AT 7.0950 FRI VS 7.0948

MNI BRIEF: Size Of June Cut Still Undecided -BCB's Campos Neto

HICP Tracking at 2.4%Y/Y - One tenth below consensus

HICP 2 tenths softer than expected, but partly on clothing prices

MNI: ITALY MAR FLASH HICP +1.2% M/M, +1.3% Y/Y

MNI BRIEF: Poilievre Calls QE 'Scam' And Would Limit BOC Remit

MNI: Growth Drag From Net Zero Carbon Goal Can Be Offset-OECD

MNI BRIEF: Lawmakers Signal Tough Hearing For BOC's Macklem

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Bear Flag Formation

EURUSD TECHS
  • RES 4: 1.2380 2.00 proj of Nov 4 - 9 rally from the Nov 11 low
  • RES 3: 1.2353 High Apr 20, 2018
  • RES 2: 1.2349 High Jan 6
  • RES 1: 1.2230/85 High Jan 11 / 8
  • PRICE: 1.2144 @ 16:32 GMT Jan 14
  • SUP 1: 1.2132/30 Low Jan 11 / Low Dec 21
  • SUP 2: 1.2093 50-day EMA
  • SUP 3: 1.2059 Low Dec 9
  • SUP 4: 1.2011 High Sep 1 and a former breakout level

EURUSD is consolidating but remains vulnerable. The recent move lower signals the start of a correction allowing a recent overbought condition to unwind. Price action has this week traded through the 20-day EMA and this exposes support at 1.2130, the Dec 21 low. A breach here would open the 50-day EMA at 1.2093. Note too that current consolidation appears to be a bear flag, reinforcing bearish conditions. 1.2230 marks initial resistance.

MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
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