MNI China Daily Summary: Friday, March 29

MNI: PBOC Injects Net CNY148 Bln Via OMO Fri; Rates Unchanged

MNI: PBOC Sets Yuan Parity Higher At 7.0950 Fri; -4.70% Y/Y

CHINA PBOC INJECTS CNY150 BILLION VIA 7-DAY REVERSE REPOS FRI

CHINA SETS YUAN CENTRAL PARITY AT 7.0950 FRI VS 7.0948

MNI BRIEF: Size Of June Cut Still Undecided -BCB's Campos Neto

MNI: US FEB PERSONAL INCOME +0.3%; NOM PCE +0.8%

HICP Tracking at 2.4%Y/Y - One tenth below consensus

HICP 2 tenths softer than expected, but partly on clothing prices

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

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

MNI BRIEF: Lawmakers Signal Tough Hearing For BOC's Macklem

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(M1) Maintains A Softer Tone

BOBL TECHS
  • RES 4: 135.544 0.764 proj of the Feb 26 - Mar 3 - Mar 9 price swing
  • RES 3: 135.520 High Mar 25
  • RES 2: 135.440 High Mar 29
  • RES 1: 135.220 High Mar 30
  • PRICE: 135.050 @ 05:05 GMT Apr 1
  • SUP 1: 134.940 Low Mar 30
  • SUP 2: 134.870 Low Mar 19 and key short-term support
  • SUP 3: 134.780 Low Mar 8 and 9
  • SUP 4: 134.670 61.8% retracement of the Feb 26 - Mar 25 rally

Bobl futures maintain a softer tone and appear likely to extend the recent retracement. Continued weakness would expose support at 134.870, Mar 18 low where a break would strengthen a bearish argument and suggest scope for a deeper pullback. This would open 134.780 and potentially below. On the upside, key resistance has been defined at 135.520, Mar 25 high. A break of this level is required to reinstate the recent bull cycle.

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