MNI China Daily Summary: Friday, July 19

MNI BRIEF: China To Boost Consumer Spending, New Industries

MNI BRIEF: China Enhances Fiscal Response To Boost Economy

MNI BRIEF: China To Promote Migrates' Rights, Reform Hukou System

MNI: PBOC Net Injects CNY57 Bln Via OMO Fri; Rates Unchanged

MNI: PBOC Sets Yuan Parity Higher At 7.1315 Fri; -0.52% Y/Y

Intermediate PPI Deflation Continues To Fade in June

MNI: GERMANY JUNE PPI  +0.2 % M/M (+0.1% FCAST, 0.0% PRIOR)

Disappointing data but no market reaction

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

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Bull Cycle Extends

EURJPY TECHS
  • RES 4: 145.83 High Dec 20 2022
  • RES 3: 145.57 High Mar 2 and a key resistance
  • RES 2: 145.08 High Mar 30
  • RES 1: 145.04 2.0% 10-dma envelope
  • PRICE: 144.66 @ 16:14 BST Mar 30
  • SUP 1: 141.79 Low Mar 29
  • SUP 2: 140.41/139.07 Low Mar 27 / 24
  • SUP 3: 138.83 Low Mar 20 and a bear trigger
  • SUP 4: 137.92 Low Jan 19

EURJPY traded sharply higher and gained further still Thursday to top both 143.63, the Mar 22 high, as well as the 2.0% 10-dma envelope. The Mar 22 high represents a key short-term resistance. A clear break would reinstate a bullish theme and signal scope for a climb towards 145.57, the Mar 2 high and a key resistance. Initial firm support is seen at Wednesday’s low of 141.79. A reversal lower and a break of this support would be a bearish development.

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