MNI China Daily Summary: Thursday, August 1

MNI: BOE VOTES 5-4 FOR 25 BPS RATE CUT AT AUG MEETING

MNI BRIEF: BOJ To Focus On Continued Positive Wage Setting

MNI BRIEF: Japan Q2 GDP To Rise 0.5% Q/Q; 2.2% Annualised

MNI BRIEF: China Retains Ample Policy Space In H2 – NDRC

MNI BRIEF: Caixin July Manufacturing PMI Falls Below 50

MNI: US Q2 PREL UNIT LABOR COSTS +0.9% VS Q1 +3.8%; Y/Y +0.5%

MNI: US JOBLESS CLAIMS +14K TO 249K IN JUL 27 WK

VDMA Factory Orders Remain Weak in June

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

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CEEMEA FX Price Signal Summary - EURHUF Correction Higher Extends

EMERGING MARKETS
  • EURHUF price action is highlighting a short-term reversal. The cross traded higher last week and has started this week on a bullish note. Price is above the 50-day EMA - at 387.32 - and a continuation higher would open 390.00 and 391.94, the Feb 10 high. On the downside, key support and the bear trigger has been defined at 372.38, the Mar 1 low. Initial support is at 377.88, the Mar 9 low.
  • EURPLN is in consolidation mode. The cross remains vulnerable despite the bounce from 4.6620 Mar 1 low. Recent weakness resulted in a break of the 4.7000 handle and this signals scope for a test of support at 4.6573, the Jan 4 low. Clearance of this level would strengthen a bearish argument and open 4.6270, the Dec 26 low and the next key support. Initial firm resistance to watch is 4.7132, the 50-day EMA.
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