MNI BRIEF: China To Step Up Macroeconomic Policies - Politburo

MNI: PBOC Net Drains CNY51.03 Bln via OMO Tuesday

MNI: PBOC Sets Yuan Parity Higher At 7.1364 Tues; -1.28% Y/Y

CHINA PBOC CONDUCTS CNY216.27 BILLION VIA 7-DAY REVERSE REPOS TUES

CHINA SETS YUAN CENTRAL PARITY AT 7.1364 TUES VS 7.1316

MNI China Daily Summary: Monday, July 29

MNI: NORTH RHINE WESTPHALIA CPI +0.3% M/M, +2.3% Y/Y

MNI: GERMANY Q2 FLASH GDP  -0.1% Q/Q (+0.1% FCST, +0.2% PRIOR)

MNI: ITALY Q2 FLASH GDP  +0.2% Q/Q (+0.2% FCST, +0.3% PRIOR)

RPT-MNI: Canada Sticks To Fiscal Anchors, Spends Chunk Of Windfall

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Bearish Tone

EURGBP TECHS
  • RES 4: 0.8875 High Apr 25 and key short-term resistance
  • RES 3: 0.8835 High May 3
  • RES 2: 0.8803 50-day EMA
  • RES 1: 0.8768 High May 5
  • PRICE: 0.8714 @ 05:53 BST May 9
  • SUP 1: 0.8712 Intraday low
  • SUP 2: 0.8691 Low Dec 19
  • SUP 3: 0.8649 76.4% retracement of the Dec 1 - Feb 3 bull run
  • SUP 4: 0.8593 Low Dec 15 2022

EURGBP maintains a bearish tone and is trading at its recent lows. The cross has pierced key support at 0.8719, the Mar 15 low. A clear break of this level would confirm a resumption of the bear cycle that started Feb 3 and open 0.8691, the Dec 19 2022 low. On the upside, initial firm resistance is seen at 0.8835, the May 3 high. A break would ease a bearish threat. Key short-term resistance has been defined at 0.8875, the Apr 25 high.

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