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

Indeed Wages Tick Higher, But Future Revisions Are Likely

ITALY MAY INDUSTRIAL PRODUCTION +0.5% M/M ; -3.3% WDA Y/Y

Contrasting Momentum Dynamics Underscore Need For July Data

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

EUR/USD Buoyant Ahead of Key Flash PMI's

EUR
MNI (London)
  • EUR/USD pared Wednesday's FOMC react losses through Thursday's session, the rate extending the move away from $1.2160 to $1.2229 ahead of the close.
  • A subdued start in Asia, rate marked an opening low of $1.2223 before Tokyo extended the recovery move to $1.2239 before meeting resistance. Rate eased to $1.2228 before buyers emerged which edged rate back to $1.2237 into Europe.
  • Risk appetite cited for the current recovery, with the USD again under general pressure.
  • EZ Flash PMI's provides the main focus this morning (France 0715GMT, Germany 0730GMT, EZ 0800GMT) , a strong release expected to boost current recovery, could provide the momentum to take on $1.2240/50 (suggestion of a $1.2250 barrier). A move above to expose $1.2280/85(top of 1.0% 10-dma/Jan08 high) ahead of $1.2300. Support $1.2225/20, $1.2200, stronger at $1.2185/75, $1.2160/50 then $1.2126.
  • ECB Lagarde speaks at 1100GMT. US PMI's 1345GMT, EZ Consumer Confidence and US Existing Home Sales 1400GMT.
  • US Fed Kaplan, Bostic, Barkin speak at 1615GMT.
  • MNI Techs: EURUSD outlook remains bullish following recovery last week from 1.2052, May 13 low. Pair rallied Wednesday to 1.2245 before pulling back. An extension higher would open 1.2285, Jan 8 high. On the downside, key short-term support has been defined at 1.2052, May 13 low while initial support is at 1.2126, the May 17 low. A break of the former would signal a top.
MNI London Bureau | +44 203-586-2231 | john.webb@marketnews.com
BulletMarketsForeign Exchange BulletsHomepage
MNI London Bureau | +44 203-586-2231 | john.webb@marketnews.com
BulletMarketsForeign Exchange BulletsHomepage

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.