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

MNI: US FEB PERSONAL INCOME +0.3%; NOM PCE +0.8%

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

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

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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Bearish Engulfing Candle Exposes 105.10 Support

DOLLAR-YEN TECHS
  • RES 4: 107.67 Trendline resistance drawn off the Mar 24 high
  • RES 3: 107.53 High Jul 20
  • RES 2: 107.05 High Aug 13 and the bull trigger
  • RES 1: 106.95 High Aug 28
  • PRICE: 105.77 @ 06:07 BST Sep 1
  • SUP 1: 105.20 Low Aug 28
  • SUP 2: 105.10 Low Aug 19 and the intraday bear trigger
  • SUP 3: 104.86 76.4% retracement of the Jul 31 - Aug 13 rally
  • SUP 4: 104.19 Low Jul 31 and a major support

USDJPY remains vulnerable following Friday's sharp sell-off. In pattern terms, Friday is a bearish engulfing candle and highlights a potential bearish threat. The pullback exposes key near-term support at 105.10, Aug 19 low. A break of this level would add to the current bearish weight and set the scene for a move towards 104.19, Jul 31 low. On the upside, a break of 106.95/107.05 is required to reinstate a bullish theme.

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