MNI EM China Daily Summary: Tuesday, March 26

MNI: PBOC Injects Net CNY145 Bln Via OMO Tues; Rates Unchanged

CHINA PBOC INJECTS CNY150 BILLION VIA 7-DAY REVERSE REPOS TUES

MNI: PBOC Sets Yuan Parity Lower At 7.0943 Tues; -4.76% Y/Y

CHINA SETS YUAN CENTRAL PARITY AT 7.0943 TUES VS 7.0996

MNI NBH WATCH: 75bp Cut Base Case As Rows Hit Risk Appetite

EZ/UK T-Bill Calendar: 26-Week GTB Auction on Wednesday

EZ/UK Bond Supply Calendar: Italy, Germany Auction on Wednesday

IFO Employment: Soft Labour Market, But Hiring Prospects Improving

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

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

MNI BRIEF: Lawmakers Signal Tough Hearing For BOC's Macklem

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(H1) Vulnerable Following Recent Weakness

GILT TECHS
  • RES 4: 135.16 High Jan 6
  • RES 3: 135.04 61.8% retracement of the Jan 4 - 12 downleg
  • RES 2: 134.95 High Jan 27/28
  • RES 1: 134.47 High Jan 29
  • PRICE: 134.07 @ Close Feb 1
  • SUP 1: 133.74/79 Low Feb 1 and key intraday support / Low Jan 21
  • SUP 2: 133.55 Low Jan 11 and the bear trigger
  • SUP 3: 133.52 Low Dec 2
  • SUP 4: 133.22 1.382 projection of Dec 11 - 24 sell-off from Jan 4 high

Recent weakness in Gilt futures have erased all the gains achieved between Jan 21 - 28. A short-term trendline drawn off the Jan 12 low was breached Friday - the line intersected at 134.00. A break of yesterday's low of 133.74 would strengthen a bearish case and open 133.55, Jan 11 low and a key support. On the upside, initial resistance is at 134.47, Jan 29 high. Key resistance has been defined at 134.95, the Jan 27/28 high.

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