MNI China Daily Summary: Wednesday, June 19

MNI BRIEF: Rate Changes Affect Eurozone More Than US Firms-ECB

MNI BRIEF: BOJ May Real Export Index Drops 1.4% M/M

MNI BRIEF: PBOC, MOF To Promote Treasury Trades Progressively

MNI: PBOC Net Injects CNY276 Bln Via OMO Weds; Rates Unchanged

CHINA PBOC CONDUCTS CNY278 BILLION VIA 7-DAY REVERSE REPOS WEDS

EZ/UK T-Bill Calendar: 1/3/6-Month UKTB Auction on Friday

EZ/UK Bond Supply Calendar: Spain, France Auction on Thursday

MNI: US NAHB HOUSING MARKET INDEX 43 IN JUN

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

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

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

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Bullish Posture

AUD

Friday saw AUD/USD continue to gain and post a new cycle high, the pair has built on its gains so far in Asia, the pair last up 12 pip at 0.7881.

AUD was the best G10 performer last week, AUD gaining even as the greenback itself rose.

  • In terms of options 0.79 is in focus this week, around $3bn 0.79 puts expire on Feb 26.
  • From a technical perspective AUD/USD maintains a bullish posture with scope for further gains. Price action on Feb 5 highlighted a reversal signal following the inability to clear the 50-day EMA. The pair has breached resistance at 0.7820, Jan 6 high and the bull trigger. This opens 0.7915 as the next upside target. On the downside, a break of 0.7564, Feb 2 low is required to highlight a broader reversal. Initial support lies at 0.7718, the 20-day EMA
  • There is no local data on the docket tonight, markets look ahead to wage price data and private sector credit data later in the week.
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