MNI China Daily Summary: Thursday, July 25

MNI BRIEF: Japan Govt Keeps Econ View, Cuts Exports

MNI: PBOC Conducts CNY200 Bln via MLF Thurs; Rate Cut

MNI: PBOC Sets Yuan Parity Lower At 7.1321 Thurs; -1.92% Y/Y

CHINA PBOC CONDUCTS CNY235.1 BILLION VIA 7-DAY REVERSE REPOS THURS

CHINA SETS YUAN CENTRAL PARITY AT 7.1321 THURS VS 7.1358

Aircraft-Led Durables Collapse Masks Rebound In Core Orders

MNI: BELGIUM JUL BNB BUSINESS SURVEY -12.3

MNI: US Q2 GDP +2.8%

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

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(H1) Bearish Focus

GILT TECHS
  • RES 4: 134.10 High Feb 2
  • RES 3: 133.65 High Jan 4
  • RES 2: 133.55 Low Dec 1 and a recent breakout level
  • RES 1: 132.75 High Feb 5
  • PRICE: 132.30 @ Close Feb 10
  • SUP 1: 131.73 Low Feb 8 and the bear trigger
  • SUP 2: 131.53 2.236 proj of Dec 11 - 24 sell-off from Jan 4 high
  • SUP 3: 131.24 2.382 projection of Dec 11 - 24 sell-off from Jan 4 high
  • SUP 4: 131.01 2.50 projection of Dec 11 - 24 sell-off from Jan 4 high

Gilt futures are trading above Monday's low of 131.73. The outlook remains bearish following the recent sharp sell-off and further weakness is likely near-term. Furthermore, the recent break of the Nov 2020 low confirmed a resumption of the underlying downtrend that started early August last year. The focus is on 131.53 next, a Fibonacci projection. On the upside, initial resistance is at the Jan 5 high of 132.75.

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