MNI China Daily Summary: Tuesday, July 30

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: EUROZONE Q2 PRELIM FLASH GDP +0.6% Y/Y

MNI: EUROZONE Q2 FLASH GDP +0.3% Q/Q

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

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

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CEEMEA FX Price Signal Summary: EURHUF Approaches Key Resistance

EMERGING MARKETS
  • EURHUF continues to push higher as it extends this week's strong gains. Attention is on key resistance at 366.94, Oct 25 high where a break would confirm a resumption of the uptrend and open the major resistance at 369.54, the Apr 1, 2020 high. Key support has been defined at 358.48, Nov 4 low.
  • EURPLN is climbing too and the cross has probed resistance at 4.6480, Sep 30 high. A clear breach of this hurdle would strengthen a bullish case and expose 4.6800, Mar 29 high. Initial key support has been established at 4.5699, Nov 3 low.
  • USDZAR maintains a bullish tone and rallied sharply higher Wednesday. The pair found support this week at the 50-day EMA and the low on Nov 9 of 14.8637 has been defined as a key short-term support handle. A break of resistance at 14.4926, Nov 3 high would strengthen the case for bulls and open 15.5726, Mar 8 high.
  • USDTRY remains firm. With a number of projection levels cleared, attention is on the psychological 10.00 handle and 10.0607, the 1.00 projection of the Oct 20 - 25 - 26 price swing. Key support lies at 9.4157, Oct 26 low.
  • USDRUB is trading higher today and has traded above the recent high of 72.2547, Nov 3 high. The break confirms a resumption of the upleg that started Oct 26 and note too that the pair is back above the 50-day EMA. The move higher has opened the 73.00 handle. Key S/T support has been defined at 70.5160, Nov 10 low.
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