MNI China Daily Summary: Wednesday, July 10

MNI BRIEF: China To Investigate EU Trade Actions

MNI BRIEF: China June CPI Hits Three Month Low

MNI: PBOC Conducts CNY2 Bln Via OMO Weds; Liquidity Unchanged

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

MNI: PBOC Sets Yuan Parity Higher At 7.1342 Weds; -0.53% Y/Y

Indeed Wages Tick Higher, But Future Revisions Are Likely

ITALY MAY INDUSTRIAL PRODUCTION +0.5% M/M ; -3.3% WDA Y/Y

Contrasting Momentum Dynamics Underscore Need For July Data

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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Key Support Under Pressure

EURO-DOLLAR TECHS
  • RES 4: 1.2011 High Sep 1 and the bull trigger
  • RES 3: 1.1929 High Sep 2
  • RES 2: 1.1917 High Sep 10 and a key resistance
  • RES 1: 1.1872 Yesterday's high
  • PRICE: 1.1767 @ 05:38 BST Sep 22
  • SUP 1: 1.1732 Low Sep 21
  • SUP 2: 1.1722 50-day EMA
  • SUP 3: 1.1687 23.6% retracement of the Mar - Sep rally
  • SUP 4: 1.1639 Low Jul 27

EURUSD took a turn for the worse Monday, with weak global equity markets driving the dollar higher. This prompted the pair to slip through key support at 1.1738, Sep 17 low. A clear break would reinforce bearish signals that appeared last week. A trendline break drawn off the May 14 low and what appears to be a head and shoulders reversal on the daily chart highlight downside risk. Initial firm resistance is seen at 1.1872, yesterday's high.

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