MNI China Press Digest July 18: PBOC, Beijing, Arctic Shipping

MNI: PBOC Net Injects CNY47 Bln Via OMO Thurs; Rates Unchanged

MNI: PBOC Sets Yuan Parity Lower At 7.1285 Thurs; -1.29% Y/Y

CHINA PBOC CONDUCTS CNY49 BILLION VIA 7-DAY REVERSE REPOS THURS

CHINA SETS YUAN CENTRAL PARITY AT 7.1285 THU VS 7.1318

MNI BRIEF: China Equip't Renewal Policy Includes Foreign Firms

Australia Jun Unemployment Rate 4.0%

Japan Jun Exports +5.4% Y/Y; Imports +3.2% Y/Y

MNI:AUSTRALIA JUN UNEMPLOYMENT RATE +4.1%

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

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Price Signal Summary - Bullish outlook in Gilts intact

OUTLOOK
  • In the FI space, the broader bearish theme in Bund futures remains intact and recent gains are considered corrective. However, a number of important short-term resistance points have been breached and this signals scope for an extension higher short-term. A resumption of gains would open the 140.00 handle and 141.03, the 50-day EMA. The EMA is a key resistance. 136.46, Oct 25 low, is the first support.
  • Gilt futures are trading at its recent highs and the current bull cycle remains intact. Price has recently cleared the 20-day EMA and breached 100.92, the Oct 4 high. The break strengthens bullish conditions and opens 102.45 next, the Sep 23 high. Further out, there is scope for a climb towards 105.334, the Sep 22 high. Key short-term support has been defined at 95.82, the Oct 21 low.
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