MNI China Daily Summary: Tuesday, July 23

MNI: PBOC Net Drains CNY408.7 Bln Via OMO Tues

MNI: PBOC Sets Yuan Parity Lower At 7.1334 Tues; -1.30% Y/Y

CHINA PBOC CONDUCTS CNY267.3 BILLION VIA 7-DAY REVERSE REPOS TUES

CHINA SETS YUAN CENTRAL PARITY AT 7.1334 TUES VS 7.1335

MNI PBOC WATCH: PBOC Cuts 7-Day Rate As Reconfigures Framework

EZ/UK T-Bill Calendar: 3/6-Month RATB Auction on Tuesday

EZ/UK Bond Supply Calendar: UK, Germany Auction on Tuesday

Philippine's FinSec Open To Rate Cuts, Front-End Yields Lower

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

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(M4) Support Remains Intact For Now

SCHATZ TECHS
  • RES 4: 106.145 High Feb 15
  • RES 3: 106.040 Low Feb 15
  • RES 2: 106.010 High Mar 8 and the bull trigger
  • RES 1: 105.790/875 High Mar 25 / 12
  • PRICE: 105.690 @ 06:03 GMT Mar 28
  • SUP 1: 105.615/515 Low Mar 21 / 15
  • SUP 2: 105.490 Low Feb 29 and the bear trigger
  • SUP 3: 105.430 High Feb 20 (cont)
  • SUP 4: 105.310 High Feb 26 (cont)

Schatz futures are unchanged. A downtrend remains intact, however, a S/T corrective cycle is in play and the contract is trading above its recent low. A continuation higher would expose key resistance at 106.010, the Mar 8 high. A break of this level would be bullish. On the downside, a resumption of weakness would refocus attention on the bear trigger at 105.490, Feb 29 low. A break would resume the downtrend that started in December last year.

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