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CHINA PBOC CONDUCTS CNY2 BILLION VIA 7-DAY REVERSE REPOS FRI

MNI: PBOC Sets Yuan Parity Lower At 7.1315 Fri; -1.12% Y/Y

CHINA SETS YUAN CENTRAL PARITY AT 7.1315 FRI VS 7.1339

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FED’S DALY: POLICY ADJUSTMENTS LIKELY WARRANTED AT SOME POINT

MNI: CHINA H1 EXPORTS +6.9% Y/Y IN YUAN TERM: CUSTOMS

CHINA H1 EXPORT +3.6% Y/Y VS JAN-MAY +2.7% Y/Y

MNI BRIEF: Japan MOF Official Not Commenting On FX Action

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

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

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CEEMEA FX Price Signal Summary: EURPLN And EURHUF Extend Gains

EMERGING MARKETS
  • EURHUF maintains a positive tone. The cross is through resistance at 366.94, Oct 25 high. The break confirms a resumption of the uptrend and opens the major resistance at 369.54, Apr 1, 2020 high. This level has been probed this morning , a clear break would represent an important technical breach and open 370.83, 1.236 projection of the Nov 4 - 12 - 18 price swing. Key short-term support has been defined at 362.04. Nov 18 low.
  • EURPLN has started the week on a firm note. Last week's break of 4.6480, Sep 30 high, strengthens a bullish case. The cross has also traded above 4.6800, Mar 29 high and has cleared the 4.70 handle . This has opened 4.7424, the 1.382 projection of the Sep 1 - Sep 30 - Oct 7 price swing. Support is at 4.6308, the 20-day EMA.
  • USDZAR remains bullish and last week traded through resistance at 14.4926, Nov 3 high. The break strengthens the case for bulls and note that 15.6625, Jan 11 high and a major resistance has also been breached. The focus is 16.00 and support is seen at 15.1542, the Nov 15 low.
  • USDTRY uptrend remains clearly intact. Following the recent break of 10.00, it has not taken very long for the USD to trade above the 11.00 handle. Based on Fibonacci projections, the next objective is 11.4515, the 2.00 projection Oct 1 - 25 - 26 price swing. Initial support is 10.4495, the Nov 18 low.
  • USDRUB is firmer again this morning. The recent break of 72.2547, Nov 3 high and the subsequent follow through highlights a bullish theme and has opened 74.5861 next, Sep 20 high ahead of 74.7771, the Jul 19 high. Key short-term support has been defined at 70.5160, Nov 10 low. Initial support is seen at 72.3270, Nov 17 low.
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