MNI China Daily Summary: Monday, July 29

MNI: China CFETS Yuan Index Up 0.15% In Week of Jul 26

MNI: PBOC Net Injects CNY243.37 Bln via OMO Monday

MNI: PBOC Sets Yuan Parity Higher At 7.1316 Mon; -1.56% Y/Y

CHINA PBOC CONDUCTS CNY301.57 BILLION VIA 7-DAY REVERSE REPOS MON

CHINA SETS YUAN CENTRAL PARITY AT 7.1316 MON VS 7.1270

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Price Signal Summary - Bunds Are Approaching The Bull Trigger

MARKET INSIGHT
  • In the equity space, bullish conditions remain intact in the S&P E-minis. Attention is on 4400.00 next. EUROSTOXX 50 futures remain above last week's low of 3951.50. The contract is trading near initial resistance at 4101.50, Jul 1 high where a break would neutralise recent bearish price signals and signal scope for a stronger recovery.
  • In FX, the USD outlook remains bullish. EURUSD resumed its downtrend Tuesday, breaching the recent low of 1.1782, Jul 7 low. The focus is on 1.1704, Mar 31 low. Gains are considered corrective. Resistance is at 1.1881, Jul 9 high. The GBPUSD outlook remains bearish. The focus is on the support and bear trigger at 1.3733, Jul 2 low. Resistance is at 1.3937, the 50-day EMA. USDJPY failed to hold onto yesterday's high and tackle resistance at 110.82, Jul 7 high. The reversal lower suggests the recent 3-day recovery has been a correction and is over. Support at 109.53, Jul 8 low and the short-term bear trigger appears exposed.
  • On the commodity front, Gold has overcome resistance offered by the 50-day EMA. The break higher strengthens bullish conditions with attention on $1833.7 (tested this morning) and $1853.3, 50.0% and 61.8% retracement levels of the Jun 1 - 29 decline. Brent (U1) futures are lower and attention turns to support at $72.11, Jul 8 low. A break would be bearish. WTI (Q1) key support to watch is at 70.76, Jul 8 low.
  • Within FI, Bund futures have recovered off yesterday's low. Conditions remain bullish. Attention is on 174.77, Jul 8 high and the bull trigger. A break would open 174.97, Mar 3 high (cont). Gilt futures found support at yesterday's low. Broader conditions are bullish and the recent pullback is considered corrective. Attention is on 129.92, Jul 8 high and the bull trigger.
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Fixed Income Technical AnalysisForeign Exchange Technical AnalysisHomepagemarkets-real-timeBulletMarketsFixed Income BulletsForeign Exchange Bullets

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