MNI China Daily Summary: Thursday, August 1

MNI: BOE VOTES 5-4 FOR 25 BPS RATE CUT AT AUG MEETING

MNI BRIEF: BOJ To Focus On Continued Positive Wage Setting

MNI BRIEF: Japan Q2 GDP To Rise 0.5% Q/Q; 2.2% Annualised

MNI BRIEF: China Retains Ample Policy Space In H2 – NDRC

MNI BRIEF: Caixin July Manufacturing PMI Falls Below 50

MNI: US Q2 PREL UNIT LABOR COSTS +0.9% VS Q1 +3.8%; Y/Y +0.5%

MNI: US JOBLESS CLAIMS +14K TO 249K IN JUL 27 WK

VDMA Factory Orders Remain Weak in June

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

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(M3) Support Remains Exposed Despite Recent Gains

SCHATZ TECHS
  • RES 4: 107.110 High Dec 7 2022 (cont)
  • RES 3: 106.955 High Mar 20 and key resistance
  • RES 2: 106.695 High Mar 24
  • RES 1: 106.190/315 High Apr 6 / High Mar 27
  • PRICE: 105.820 @ 05:43 BST Apr 11
  • SUP 1: 105.785/105.465 20-day EMA / Low Mar 31
  • SUP 2: 105.336 61.8% retracement of the Mar 9 - 20 rally
  • SUP 3: 105.030 Low Mar 15
  • SUP 4: 104.953 76.4% retracement of the Mar 9 - 20 rally

Schatz futures remain above the recent low of 105.465 (Mar 31). A short-term bearish threat is present and recent gains are considered corrective - for now. However, a break of 106.190, the Apr 6 high, would strengthen a bullish case and signal scope for an extension higher. On the downside, initial support lies at 105.785, the 20-day EMA. The bear trigger is 105.465, where a break would open 105.336, a Fibonacci retracement.

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