MNI: PBOC Net Drains CNY236.6 Bln via OMO Tuesday

MNI BRIEF: Market Cash Rate Pricing Off - RBA Minutes

MNI: PBOC Sets Yuan Parity Lower At 7.1325 Tues; +2.12% Y/Y

China Repo Rates Rise On Tuesday

CHINA PBOC CONDUCTS CNY149.1 BILLION VIA 7-DAY REVERSE REPOS TUES

CHINA SETS YUAN CENTRAL PARITY AT 7.1325 TUES VS 7.1415

July PPI Shows First Positive Intermediate Goods Inflation Since Apr'23

MNI: GERMANY JUL PRODUCER PRICES -0.8% Y/Y

Headline Consumer Sentiment Softens, House Price Expectations Rise Further

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

© 1982-2024 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

Price Signal Summary - Equity Space Remains Vulnerable

MARKET INSIGHT
  • In the equity space, S&P E-minis sold off sharply yesterday but recovered strongly from the day low. Price action is likely to remain volatile near-term however bearish conditions continue to dominate. A break of yesterday’s low of 4212.75 would confirm a resumption of this month's downtrend. EUROSTOXX 50 futures remain vulnerable and yesterday’s sharp accelerated sell-off reinforces the bearish threat. Former support at 4216.50, Jan 10 low has been cleared and this has resulted in the break of a number of short-term support levels. The move lower has exposed 3980.00, Nov 30 low and 3935.00, Oct 6 low.
  • In FX, EURUSD is trading lower this morning and sights are on support at 1.1272, Jan 4 low. A breach of this level would signal scope for weakness towards 1.1222, Dec 15 low. Moving average studies continue to highlight a downtrend. GBPUSD remains vulnerable. The recent sell-off has resulted in a break of both the 20- and 50-day EMAs. This allows for a deeper unwinding of the bull rally between Dec 8 - Jan 13 and the focus is on 1.3456, 50.0% retracement of the Dec 8 - Jan 13 bull phase. USDJPY yesterday probed support at 113.49, Jan 14 low. This cancels recent bullish signals and the doji candle reversal on Jan 14. A deeper pullback would open 113.14, Dec 17 low. Resistance is at 115.06, Jan 18 high.
  • On the commodity front, Gold maintains a positive tone. This follows last week’s break of resistance at $1831.9, Jan 3 high and a bull trigger. Attention is on $1848.0 next, 76.4% of the Nov 16 - Dec 15 downleg. WTI futures remain in an uptrend and the most recent pullback is still considered corrective. Key support to watch is at the 20-day EMA. It intersects at $80.33 today.
  • In the FI space, Bund futures traded higher yesterday and probed key short-term resistance at 171.00, the Jan 13 high. A clear break of this hurdle would signal potential for a stronger short-term recovery and open the 50-day EMA at 171.64. A resumption of weakness would refocus attention on the bear trigger is 168.95, Jan 19 low. Gilts remain in a downtrend. Key short-term resistance is at 123.79, Jan 13 high where a break is required to highlight a short-term base. The bear trigger is unchanged at 121.93, Jan 19 low.
Fixed Income Technical AnalysisForeign Exchange Technical AnalysisHomepagemarkets-real-timeBulletMarketsFixed Income BulletsForeign Exchange Bullets
Fixed Income Technical AnalysisForeign Exchange Technical AnalysisHomepagemarkets-real-timeBulletMarketsFixed Income BulletsForeign Exchange Bullets

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.