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

CBI Price Expectations for Three Months Ahead Lowest Since December 2020

MNI: UK JUL CBI INDUSTRIAL TRENDS TOTAL ORDERS -32

Broad-Based IFO Weakness Reinforces Narrative of Recovery Stall

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

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CEEMEA FX Price Signal Summary: USDRUB Arrives At Its 50-Day EMA

EMERGING MARKETS
  • EURHUF remains at the lower end of its recent range following a pullback last week from 366.94, Oct 25 high. The broader outlook remains bullish and recent weakness is considered corrective. A positive theme follows the recent break of 362.46, Jul 26 high and 364.40, Apr 23 high. This sets the scene for a climb towards 369.21, Mar 18 high. Initial firm support is seen at 358.02, the 50-day EMA.
  • EURPLN bulls remain in charge. Recent gains open 4.6480, Sep 30 high where a break would strengthen a bullish case and expose 4.6800, Mar 29 high. Weakness below 4.5392 would alter the picture. The 50-day EMA at 4.5860 marks initial support.
  • USDZAR continues to appreciate. The pair has cleared 15.2524, Sep 30 high and 15.3948, Aug 20 high a key resistance. The break strengthens a bullish condition and paves the way for a climb towards 15.5726 next, the Mar 8 high. The 20-day EMA at 14.9227 marks support.
  • USDTRY is unchanged. The outlook remains bullish and the recent pullback is considered corrective. The focus is on 9.8797, 3.00 projection of the Sep 22 - 29 - Oct 1 price swing ahead of the 10.00 psychological handle. Key support is at 9.2050, Oct 20 low. Initial support is at 9.4157, Oct 26 low.
  • USDRUB is continuing to recover as the pair unwinds recent weakness. Price has arrived at the 50-day EMA - at 71.9974 - where a clear break would strengthen short-term bullish conditions and signal scope for an extension of gains. This would open the 73.00 handle. Key support remains 69.2213, Oct 26 low. Initial support lies at 70.3854, Oct 29 low.
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