MNI China Daily Summary: Wednesday, July 3

MNI BRIEF:BOJ Q1 Output Gap Hits 16th Negative Reading In Row

MNI: PBOC Sets Yuan Parity Higher At 7.1312 Weds; -0.34% Y/Y

MNI: PBOC Net Drains CNY248 Bln Via OMO Weds; Rates Unchanged

CHINA PBOC CONDUCTS CNY2 BILLION VIA 7-DAY REVERSE REPOS WEDS

CHINA SETS YUAN CENTRAL PARITY AT 7.1312 WEDS VS 7.1291

PPI a Tenth Softer than Exp; Further NEIG HICP Disinflation to Come?

MNI: EUROZONE MAY PPI -0.2% M/M, -4.2% Y/Y

Services PMI points to wage bills increasing operating expenses

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

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

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(H4) Watching Resistance Around The 20-Day EMA

GILT TECHS
  • RES 4: 101.98 High Jan 3
  • RES 3: 100.81 High Jan 5
  • RES 2: 100.00 Round number resistance
  • RES 1: 99.34/55 20-day EMA / High Jan 30
  • PRICE: 98.88 @ Close Jan 30
  • SUP 1: 97.57 Low Jan 25
  • SUP 2: 97.39 Low Dec 11 and a key support
  • SUP 3: 96.67 Low Dec 5
  • SUP 4: 96.10 Low Nov 30

The trend needle in Gilt futures continues to point south and recent gains appear - for now - to be a correction. The contract has cleared support at 99.60, the Jan 5 low. This confirmed a resumption of the downtrend that started Dec 27, signalling scope for a continuation lower towards 97.39, the Dec 11 low. Firm resistance to watch is 99.34, the 20-day EMA. It has been pierced, a clear break of the average would ease bearish pressure.

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