MNI China Daily Summary: Wednesday, June 19

MNI BRIEF: Rate Changes Affect Eurozone More Than US Firms-ECB

MNI BRIEF: BOJ May Real Export Index Drops 1.4% M/M

MNI BRIEF: PBOC, MOF To Promote Treasury Trades Progressively

MNI: PBOC Net Injects CNY276 Bln Via OMO Weds; Rates Unchanged

CHINA PBOC CONDUCTS CNY278 BILLION VIA 7-DAY REVERSE REPOS WEDS

US MBA: REFIS -0.4% SA; PURCH INDEX +2% SA THRU JUNE 14 WK

MNI: US MBA: MARKET COMPOSITE +0.9% SA THRU JUN 14 WK

MNI: EUROZONE APR CONSTRUCTION OUTPUT -0.2% M/M, -1.1% Y/Y

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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(H1) Bears Still In Charge

GILT TECHS
  • RES 4: 133.55 Low Dec 1 and a recent breakout level
  • RES 3: 132.67 High Feb 11
  • RES 2: 131.73 Low Feb 8 and today's breakout level
  • RES 1: 131.49 HIgh Feb 16
  • PRICE: 130.84 @ Close Feb 17
  • SUP 1: 130.72 @ Close Feb 15
  • SUP 2: 130.72 Low Feb 16
  • SUP 3: 130.18 Low Mar 19, 2020 (cont)
  • SUP 4: 130.00 Psychological round number

Gilt futures traded heavy again yesterday extending this week's bearish start - the contract gapped lower at the open Monday. The move to fresh lows reinforces the bearish theme and once again confirms a resumption of the underlying downtrend that started early August last year. Further weakness is likely near-term, the focus is on 130.49 next, a Fibonacci projection. On the upside, initial resistance is at 131.49, Feb 16 high.

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