MNI China Daily Summary: Monday, July 29

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MNI: PBOC Net Injects CNY243.37 Bln via OMO Monday

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CHINA PBOC CONDUCTS CNY301.57 BILLION VIA 7-DAY REVERSE REPOS MON

CHINA SETS YUAN CENTRAL PARITY AT 7.1316 MON VS 7.1270

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MNI: UK BOE JUN MORTGAGE APPROVALS 59,976

MNI: UK JUN M4 MONEY SUPPLY +0.5% M/M, +1% Y/Y

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LATAM FX Price Signal Summary: Bearish Development for USD/CLP

MARKET INSIGHT
  • USDMXN trades stronger on the week, extending the minor bounce off the Friday low. This confirms the recent pullback as corrective. Attention remains on support at the 50-day EMA - the average intersects at 20.3250. A clear break of this average to the downside would signal scope for a deeper pullback towards 20.00 initially. For bulls, the trigger for a resumption of gains is 21.0535, the Jul 14 high. Initial resistance is at 20.7236, the Jul 22 high.
  • USDBRL has stabilised, finding support at the 50-dma of 5.1599 yesterday. Nonetheless, the pair holds the bulk of the pullback from 5.5142, the Jul 21 high. Trend conditions remain bullish over the medium-term, with the recent move lower likely a correction. Nonetheless, scope remains for a deeper pullback. The 50-day EMA has been pierced. A clear break of the average would expose 5.1026, the 50.0% retracement of the May 30 - Jul 21 upleg. To the upside, a recovery through 5.2474 (200-dma) will be monitored before July’s 5.51 comes into consideration.
  • USDCLP recently reversed sharply lower off 1061.00, the Jul 14 high. Support at the 20-day EMA has been breached as well as the the 50-day EMA (907.72) - a bearish development. This ends the recent bullish theme and signal scope for a deeper sell-off below 900.00. Initial resistance has been defined at 970.08, the Jul 22 high.
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