MNI China Daily Summary: Thursday, April 22

MNI BRIEF: China To Quicken Resolving Local Debt Risks

RPT-MNI INTERVIEW: ECB's Wunsch Sees At Least Two Cuts By Dec

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

CHINA PBOC INJECTS CNY2 BILLION VIA 7-DAY REVERSE REPOS MON

MNI: PBOC Sets Yuan Parity Lower At 7.1043 Mon; -4.74% Y/Y

MNI: CANADA MAR INDUSTRIAL PRICES +0.8% MOM; EX-ENERGY +0.8%

NBH Data Watch

INDON Sov Curve Flatter, Trade Surplus Soars, BI Decision Wednesday

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

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

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

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(M1) Corrective Gains

GILT TECHS
  • RES 4: 129.75 High Feb 19
  • RES 3: 129.09/27 High Apr 23 and the reversal trigger / High Mar 2
  • RES 2: 128.80 High May 7 and key short-term resistance
  • RES 1: 128.34 50-day EMA
  • PRICE: 128.08 @ Close May 24
  • SUP 1: 126.86 Low May 13
  • SUP 2: 127.12/126.79 Low May 19 / Low Mar 18 and the bear trigger
  • SUP 3: 126.55 Low Apr 17, 2019 (cont)
  • SUP 4: 126.32 1.0% 10-dma Envelope

Gilt futures outlook remains bearish despite recent gains. The pullback from 128.80, May 7 high reinforced bearish conditions. The move lower resulted in a break of support between 127.40-32, Apr 29 and Apr 1 lows respectively. This exposes the major support at 126.79, Mar 18 low and the bear trigger. Clearance of 126.79 would confirm a resumption of the broader downtrend. Initial firm resistance is 128.80. The 50-day EMA intersects at 128.34.

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