MNI China Daily Summary: Thursday, July 25

MNI BRIEF: Japan Govt Keeps Econ View, Cuts Exports

MNI: PBOC Conducts CNY200 Bln via MLF Thurs; Rate Cut

MNI: PBOC Sets Yuan Parity Lower At 7.1321 Thurs; -1.92% Y/Y

CHINA PBOC CONDUCTS CNY235.1 BILLION VIA 7-DAY REVERSE REPOS THURS

CHINA SETS YUAN CENTRAL PARITY AT 7.1321 THURS VS 7.1358

Aircraft-Led Durables Collapse Masks Rebound In Core Orders

MNI: BELGIUM JUL BNB BUSINESS SURVEY -12.3

MNI: US Q2 GDP +2.8%

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

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Bullish Focus

EURO-STERLING TECHS
  • RES 4: 0.9184 61.8% retracement of the Mar - Apr sell-off
  • RES 3: 0.9176 High Jun 29 and a major resistance
  • RES 2: 0.9148 High Jul 27 and a key resistance
  • RES 1: 0.9131 High Sep 9
  • PRICE: 0.9097 @ 05:53 BST Sep 10
  • SUP 1: 0.9066 Low Sep 9
  • SUP 2: 0.8967 Low Sep 8
  • SUP 3: 0.8900 Low Sep 4
  • SUP 4: 0.8866 Low Sep 3 and the bear trigger

The recovery in EURGBP off last week's low remains intact although gains did stall at yesterday's high of 0.9131. The cross has this week cleared the 50-day EMA in a convincing manner. These gains set the scene for a stronger climb. Note too that the cross has also breached a key resistance at 0.9070, Aug 17 high. The break opens 0.9148 next, Jul 27 high. On the downside, initial firm support lies at 0.8967, Tuesday's low.

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