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MNI China Daily Summary: Monday, June 3

MNI BRIEF: Caixin May Manufacturing PMI Hits Over Two-year High

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

MNI: PBOC Sets Yuan Parity Lower At 7.1086 Mon; -1.90% Y/Y

CHINA PBOC INJECTS CNY2 BILLION VIA 7-DAY REVERSE REPOS MON

US Treasury Auction Calendar

EZ/UK T-Bill Calendar: Spain, Belgium, Finland, ESM Due Tuesday

EZ/UK Bond Supply Calendar: Germany Synd; AT, UK, DE Due Tuesday

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

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

MNI: Growth Drag From Net Zero Carbon Goal Can Be Offset-OECD

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Extending Intraday Gains

EURO-DOLLAR TECHS

EURUSD is holding onto today's gains. The key technical developments over the past 24-hours have been:

  • Trendline support drawn off the May 14 low remains intact. Yesterday's price action probed the trendline at 1.1755. Price is firmer having failed to clear the line.
  • A key support at 1.1754, Aug 21 low also survived yesterday's bearish pressure. The low print yesterday was 1.1753.
  • These developments reinforce the importance of 1.1753 as a support. A clear break is required to signal a more meaningful reversal.
  • Initial resistance is at 1.1865, Sep 3 high. Key trend resistance is at 1.2011, Sep 1 high.
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