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

MNI: US MBA: MARKET COMPOSITE -0.2% SA THRU JUL 05 WK

US MBA: REFIS -2% SA; PURCH INDEX +1% SA THRU JULY 5 WK

Indeed Wages Tick Higher, But Future Revisions Are Likely

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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LATAM FX Price Signal Summary: USDBRL Bear Threat Still Present

LATAM FX
  • USDMXN is trading lower but still holding on to the bulk of its recent gains, following the recovery from 19.8126, Aug 15 low. A bearish theme remains in play despite the bounce. The recent break of support at 20.2080, Jul 29 low and the 20.00 handle, strengthened a bearish condition and exposed 19.8193, the Jun 27 low. This support has been pierced, a clear break would open 19.4136, the May 30 low. Key short-term resistance has been defined at 20.8335, the Aug 3 high. Initial firm resistance to watch is at 20.5004, Aug 4 high.
  • USDBRL is consolidating. The pair recently cleared support at 5.1298, the Aug 1 low. The break highlights potential for a deeper retracement and has opened 5.0055, 61.8% of the May 30 - Jul 21 upleg. The 76.4% level is at 4.8853. On the upside, initial key resistance has been defined at 5.3157, Aug 3 high. A break would reinstate a bullish focus and attention would turn to 5.5142, the Jul 21 high and a bull trigger.
  • USDCLP reversed course last week and maintains a bullish tone. The sharp reversal threatens the recent bearish theme and the break of resistance at 921.33, Aug 5 high, signals scope for an extension higher. Attention is on 970.08, the Jul 22 high and the next key short-term resistance. Key support has been defined at 869.63, the Aug 12 low.
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