MNI China Daily Summary: Tuesday, July 9

CORRECTED-MNI: China H2 Steel Outlook Subdued

MNI BRIEF: Gradual, but Decisive ECB Cuts Needed –Giorgetti

MNI BOK WATCH: Slowing Inflation Puts Q4 Cut In Sight

MNI: PBOC Conducts CNY2 Bln Via OMO Tues; Liquidity Unchanged

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

US NFIB JUN SMALL BUSINESS INDEX 91.5

Asia Sov Curves Bull-Steepen, Indon To Reduce Bond Issuance

MNI: UK BRC JUN BY VALUE SHOP SALES LFL -0.5% YY, TOTAL -0.2% YY

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

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

© 1982-2024 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

CEEMEA FX Price Signal Summary: USDRUB Retracement Extends

EMERGING MARKETS
  • EURHUF has pulled away from recent highs, the move is likely a correction though. The cross Monday confirmed a clear break of 360.02, 61.8% of the Mar - Jun downleg. The climb opens 363.53, the 76.4% retracement and 364.40, Apr 23 high. Support is at 356.90, Jul 22 low.
  • EURPLN remains below resistance but the needle still points north. The breach mid-July of former resistance at 4.5642, Jun 18 high confirmed a resumption of the uptrend that started Jun 7 and opens 4.6000 (tested recently) and 4.6224, 76.4% of the Mar 29 - Jun 7 downleg. Firm support is seen at 4.5309, Jul 15 low.
  • USDZAR is facing some short-term selling pressure. The move lower is considered corrective with a bullish outlook intact. The pair recently breached 14.5180, Jul 2 high to confirm a resumption of bullish conditions and open 15.00 and 15.0627, 76.4% of the Mar 8 - Jun 7 sell-off. 15.1000 also represents a key resistance, the Mar 26 high. Firm support is at 14.3361, Jul 16 low.
  • USDTRY remains in consolidation mode at the 50-day EMA. Trend conditions are bullish however with the focus on 8.8008, Jun 2 high. A break would open 8.9657, 2.00 projection of the Feb 16 - Mar 9 - Mar 19 price swing. Key support is unchanged at 8.2860, Jun 11 low.
  • USDRUB continues to pull away from recent highs. The move lower is still considered a correction and attention is on support at 73.1595, Jul 6 low that has been probed. A clear break would suggest scope for a deeper pullback towards the 72.00 handle. The bull trigger is at 75.3497, Jul 8 high.
EM BulletHomepagemarkets-real-timeBulletEmerging Market News

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.