MNI China Daily Summary: Friday, April 26

MNI BRIEF: China, US Should Strengthen Dialogue, Cooperation

MNI BRIEF: SNB Framework Reform 'Playing With Fire' - Steiner

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

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

MNI: PBOC Sets Yuan Parity Lower At 7.1056 Fri; -4.56% Y/Y

MNI: BAKER HUGHES US RIG COUNT 613; OIL RIGS 506; GAS RIGS 105

MNI: UNIV OF MICHIGAN CONSUMER SENTIMENT FINAL APR INDEX 77.2

EZ/UK T-Bill Calendar: Germany, France Auction on Monday

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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(M2)‌‌ Corrective Cycle Extends

US 10YR FUTURE TECHS
  • RES 4: 126-04 High Mar 14
  • RES 3: 124-01+ 20-day EMA
  • RES 2: 123-25+ Low Mar 16 and a recent breakout level
  • RES 1: 123-12 High Mar 23
  • PRICE: 122-31+ @ 11:09 GMT Mar 31
  • SUP 1: 120-30+ Low Mar 28 and the bear trigger
  • SUP 2: 120.28 Low Dec 26 2018 (cont)
  • SUP 3: 120-04+ Low Dec 12/13 2018 (cont)
  • SUP 4: 120.00 Low Dec 6 2018 (cont) and psychological support

The trend direction in Treasuries is bearish, however, with price trading higher the contract remains in a corrective phase. Initial resistance is at 123-12, the Mar 23 high ahead of the 20-day EMA at 124-01+. A resumption of weakness would refocus attention on the recent low of 120-30+ where a break would confirm a resumption of the downtrend and this would open the 120-00 handle.

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