BOC SAYS DOESN'T NEED TO ALTER PATH OF QT RIGHT NOW

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MNI BRIEF: Text of Bank Of Canada Interest-Rate Decision

MNI China Daily Summary: Wednesday, July 24

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MNI: PBOC Sets Yuan Parity Higher At 7.1358 Weds; -0.98% Y/Y

EZ/UK Bond Supply Calendar: BTP Short Term and BTPeis on Thursday

EZ/UK T-Bill Calendar: Italy, UK Auction on Friday

New Home Sales Activity And Prices Continue To Cool

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

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Price Signal Summary - EUROSTOXX 50 Extends Gains

MARKET INSIGHT
  • In the equity space, S&P E-minis are pushing higher as liquidity returns to the market. Attention is on the key resistance at 4238.25, May 10 high. Key trend support is unchanged at 4029.25, May 13 low. The 20-day EMA represents initial support at 4163.05. EUROSTOXX 50 futures have reversed yesterday's move lower and confirmed a resumption of the underlying uptrend. The focus is on 4099.00,1.00 projection of the Mar - Jul - Oct 2020 price swing.
  • In the FX space, EURUSD found support Friday below the 20-day EMA. The outlook is bullish and the focus is on 1.2285 next, Jan 8 high. Watch support at 1.2133, May 28 low. GBPUSD earlier today traded above resistance at 1.4237, Feb 24 high but has since pulled back. A clear break higher would confirm a resumption of the broader uptrend. Support to watch lies at 1.4092, May 27 low. USDJPY resumed its uptrend last week breaking above 109.79, May 13 high and the bull trigger. 110.15, 76.4% retracement of the Mar 31 - Apr 23 sell-off has also been probed. A clear break would strengthen the bullish case and open 110.97, Mar 31 high. Dips are considered corrective.
  • On the commodity front, Gold remains bullish. And is trading higher today. The focus is on the Jan 8 high of $1917.6. The trend remains overbought and we are monitoring this technical warning sign. $1872.8, May 25 low is first support. Oil contracts are trading higher and have resumed their uptrends. Brent (Q1) key resistance at $69.90, May 18 high has been cleared. This opens $71.38, Mar 8 high (cont) next. WTI (N1) has traded through the May highs. Attention is on the $70.00 psychological level.
  • Within FI, Bunds (M1) remains below the 50-day EMA at 170.42. While it holds, the outlook is bearish. A clear break higher is required to highlight scope for further gains. Support is at 169.02. May 24 low. Gilts (U1) faced selling pressure yesterday. A firm resistance exists at 127.74/82, high between Apr 20 and May 26.
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