MNI China Daily Summary: Thursday, March 9

MNI BRIEF: Japan's Lower House Approves Ueda As BOJ Governor

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US EIA:NAT GAS STORAGE -84 BCF TO 2,030 BCF MAR 03 WK

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FED

US TSY 8W AUCTION: NON-COMP BIDS $1.157 BLN FROM $55.000 BLN TOTAL

FED

US TSY 4W AUCTION: NON-COMP BIDS $3.233 BLN FROM $65.000 BLN TOTAL

LNG

France’s Four LNG Terminals To Remain Blocked Until 14 March

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US TSY TO SELL $48.000 BLN 26W BILL MAR 13, SETTLE MAR 16

FED

US TSY TO SELL $57.000 BLN 13W BILL MAR 13, SETTLE MAR 16

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Focus Is On The 50-day EMA

EURUSD TECHS
  • RES 4: 1.2048 2.0% 10-dma envelope
  • RES 3: 1.1990 High Mar 11 and a key resistance
  • RES 2: 1.1939 50-day EMA
  • RES 1: 1.1927 High Apr 8
  • PRICE: 1.1889 @ 05:50 GMT Apr 12
  • SUP 1: 1.1861 Low Apr 8
  • SUP 2: 1.1795 Low Apr 6
  • SUP 3: 1.1738 Low Apr 5
  • SUP 4: 1.1704/1695 Low Mar 31 / 38.2% of the Mar 2020 - Jan rally

EURUSD traded higher last week and is trading closer to recent highs. The pair is once again trading within its bear channel range drawn off this year's Jan 6 high - the channel base was breached in March. Gains are still considered corrective though with the next firm resistance at 1.1939, the 50-day EMA. A clear break of the average would be bullish and signal scope for an extension higher. Initial support is 1.1861, Apr 8 low.

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