MNI China Daily Summary: Friday, September 6

MNI BRIEF: China To Address Consumption In Next Five-year Plan

MNI: PBOC Net Injects CNY111.4 Bln via OMO Friday

CHINA PBOC CONDUCTS CNY141.5 BLN VIA 7-DAY REVERSE REPOS FRI

MNI: PBOC Sets Yuan Parity Lower At 7.0925 Fri; +2.94% Y/Y

CHINA SETS YUAN CENTRAL PARITY AT 7.0925 FRI VS 7.0989

MNI: EUROZONE Q2 GDP +0.2% Q/Q, +0.6% Y/Y

MNI: FRANCE JUL INDUSTRIAL PRODUCTION -0.5% M/M, -2.2% Y/Y

MNI: GERMANY JUL EXPORTS +1.7% M/M; IMPORTS +5.4% M/M

AUSTRALIA: Albanese Lines Up Budget for May Election

AUSTRALIA: Albanese Lines Up Budget for May Election

UK: Week Ahead

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COMMODITIES: WTI Futures Maintain a Softer Tone, Trading Close to Weekly Lows

COMMODITIES
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WTI futures maintain a softer tone following this week’s sharp sell-off. The break lower resulted in a breach of key support at $70.88, the Aug 5 low. The clear break of this level confirms a resumption of the downtrend that started Apr 12 and paves the way for an extension towards $66.66, a Fibonacci projection. MA studies are in a bear-mode position highlighting a clear downtrend. Initial resistance is at $73.66, the 20-day EMA. The trend condition in Gold is unchanged and remains bullish. Moving average studies are in a bull-mode set-up and this continues to highlight a dominant uptrend. Furthermore, a bullish price sequence of higher highs and higher lows remains intact. Sights are on $2536.4 next, a Fibonacci projection. The 20-day EMA has been pierced. The next firm support to watch lies at $2443.9, the 50-day EMA. S/T weakness is considered corrective.

  • WTI Crude down $0.04 or -0.06% at $69.16
  • Natural Gas up $0.02 or +0.8% at $2.272
  • Gold spot up $1.15 or +0.05% at $2517.74
  • Copper down $0.45 or -0.11% at $413.25
  • Silver down $0.05 or -0.17% at $28.774
  • Platinum up $1.16 or +0.12% at $930.76
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WTI futures maintain a softer tone following this week’s sharp sell-off. The break lower resulted in a breach of key support at $70.88, the Aug 5 low. The clear break of this level confirms a resumption of the downtrend that started Apr 12 and paves the way for an extension towards $66.66, a Fibonacci projection. MA studies are in a bear-mode position highlighting a clear downtrend. Initial resistance is at $73.66, the 20-day EMA. The trend condition in Gold is unchanged and remains bullish. Moving average studies are in a bull-mode set-up and this continues to highlight a dominant uptrend. Furthermore, a bullish price sequence of higher highs and higher lows remains intact. Sights are on $2536.4 next, a Fibonacci projection. The 20-day EMA has been pierced. The next firm support to watch lies at $2443.9, the 50-day EMA. S/T weakness is considered corrective.

  • WTI Crude down $0.04 or -0.06% at $69.16
  • Natural Gas up $0.02 or +0.8% at $2.272
  • Gold spot up $1.15 or +0.05% at $2517.74
  • Copper down $0.45 or -0.11% at $413.25
  • Silver down $0.05 or -0.17% at $28.774
  • Platinum up $1.16 or +0.12% at $930.76