MNI: POWELL SAYS PCE INFLATION CAME IN LINE WITH EXPECTATIONS

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: 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

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Off Recent Highs

EURJPY TECHS
  • RES 4: 132.36 1.382 proj of the Jun - Sep - Oct 2020 price swing
  • RES 3: 131.22 1.236 proj of the Jun - Sep - Oct 2020 price swing
  • RES 2: 130.73 1.0% 10-dma Envelope
  • RES 1: 129.97 High Feb 25 and the bull trigger
  • PRICE: 128.80 @ 06:31 GMT Mar 1
  • SUP 1: 128.54 Intraday low
  • SUP 2: 127.65 20-day EMA
  • SUP 3: 127.31 Low Feb 17
  • SUP 4: 127.04 Low Feb 15

EURJPY maintains its underlying bullish tone despite pulling back from last week's Feb 25 high of 129.98. From a short-term perspective, trend conditions have recently entered overbought territory signalling scope for a corrective pullback. If this occurs, a move lower would open 127.65, the 20-day EMA. For bulls, clearance of 129.98 would resume the uptrend and pave the way for a climb towards 131.22, a Fibonacci projection.

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