MNI China Daily Summary: Wednesday, July 10

MNI BRIEF: China To Investigate EU Trade Actions

MNI BRIEF: China June CPI Hits Three Month Low

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

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

MNI: PBOC Sets Yuan Parity Higher At 7.1342 Weds; -0.53% Y/Y

US EIA: CRUDE OIL STOCKS EX SPR -3.44M TO 445.1M JUL 05 WK

MNI:US MAY WHOLESALE INV 0.6%; SALES 0.4%

MNI: US MBA: MARKET COMPOSITE -0.2% SA THRU JUL 05 WK

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: USDZAR Clears The July High

EMERGING MARKETS
  • EURHUF remains in a clear downtrend. This follows the reversal from 362.46 on Jul 26. Attention is on 349.23 next, 76.4% of the Jun - Jul rally. Note that the cross has breached the 61.8% level at 351.76. On the upside, resistance is at 355.57, the Aug 11 high where a break is required to ease bearish pressure.
  • EURPLN is higher today. Recent price action in the cross has defined key directional parameters at; 4.6017, the Jul 20 high and a key resistance plus 4.5309, the Jul 15 low and key short-term support. A break of either level would provide a clearer directional signal.
  • USDZAR has added to recent gains and importantly today, has cleared resistance at the 15.00 handle and breached the Jul high. The break confirms a resumption of the current uptrend that started Jun 7 and signals scope for a climb towards 15.5726, the Mar 8 high. The 20-day EMA at 14.6898 represents initial support.
  • USDTRY remains within a broader range. A break of 8.8008, the Jun 2 high is required to confirm a resumption of the broader uptrend. Near-term, a bearish risk suggests scope for weakness towards 8.2629, the Aug 3 low.
  • USDRUB support to watch is 72.6851 the Aug 2 low. A break of this level would expose the 72.00 handle. The bull trigger is unchanged at 75.3497, Jul 8 high. Initial resistance at 74.1411, the Aug 11 high has been breached suggesting scope for a stronger bounce near-term.
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