MNI China Daily Summary: Tuesday, July 16

MNI: PBOC Net Injects CNY674 Bln Via OMO Tue; Rates Unchanged

MNI China Press Digest July 16: LPR, Q2 Data, Property

MNI: PBOC Sets Yuan Parity Higher At 7.1328 Tue; -1.79% Y/Y

CHINA PBOC CONDUCTS CNY676 BILLION VIA 7-DAY REVERSE REPOS TUE

CHINA SETS YUAN CENTRAL PARITY AT 7.1328 TUE VS 7.1313

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TLFS update on Thursday

MNI: GERMANY JUL ZEW CURRENT CONDITIONS -68.9

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

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

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Market Roundup: Reverse Post -Data Knee-Jerk Moves

US TSYS

FI markets reverse gains post-data, knee-jerk reaction to initial headline Retail Sales gain of +3.8% vs. +2.0% est, control group +4.8% vs. +1.3% est.
Strong data tempered by down revisions and mixed performance on the internals, with a few categories contracting M/M (incl health, personal care, gasoline, sporting goods, misc stores, food services).

  • Equities currently trading softer but off lows: SPX eminis -7 at 4457.5, Gold higher +3.15, WTI crude +1.38 at 93.45. US$ index DXY little softer by -.105 to 95.884.
  • Technicals: TYH2 holding round 125-28 (+4.5). First support: 125-17+ Low Feb 10 and the bear trigger where a break would confirm a resumption of the current downtrend.
  • A bearish sequence of lower lows and lower highs, together with a bear mode set-up in moving averages suggests the path of least resistance remains down. Scope is seen for a move to 125-06+ next, 30 May 2019 low (cont).
  • Upside: Firm resistance is seen at 127-01.
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