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 China Daily Summary: Monday, July 29

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

MNI: GERMANY Q2 FLASH GDP  -0.1% Q/Q (+0.1% FCST, +0.2% PRIOR)

MNI: ITALY Q2 FLASH GDP  +0.2% Q/Q (+0.2% FCST, +0.3% PRIOR)

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

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CEEMEA FX Price Signal Summary: USDZAR Approaches A Key Resistance

EMERGING MARKETS
  • EURHUF is softer following a pullback last week from 366.94, Oct 25 high. The broader outlook remains bullish and the pullback 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 357.90, low Oct 29.
  • EURPLN bulls remain in charge The sharp reversal on Oct 7 signalled the end of the recent Sep 30 - Oct 7 bear correction. It opens 4.6480, Sep 30 high where a break would strengthen a bullish case and open 4.6800, Mar 29 high. Weakness below 4.5392 would alter the picture. The 50-day EMA at 4.5848 marks initial support.
  • USDZAR is firmer again today. The pair on Friday breached 15.2524, Sep 30 high and a key resistance. The break strengthens a bullish condition and exposes a key resistance at 15.3948, Aug 20 high. Clearance of 15.3948 would pave the way for a climb towards 15.5726, the Mar 8 high. The 20-day EMA at 14.8694 marks support.
  • The USDTRY outlook remains bullish and the recent pullback is considered corrective. The trend condition however is unchanged and remains bullish. Recent accelerated gains reinforced a bullish theme. 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 remains vulnerable following recent weakness and gains from 69.2213, Oct 26 low are considered corrective. The recent extension lower maintains the current bearish price sequence of lower lows and lower highs and with trend signals still pointing south, further USD depreciation is likely. The focus is on 68.5545, Jun 23 low. Initial firm resistance is at 71.3034, the Oct 21 high.
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