MNI China Daily Summary: Thursday, July 25

MNI BRIEF: Japan Govt Keeps Econ View, Cuts Exports

MNI: PBOC Conducts CNY200 Bln via MLF Thurs; Rate Cut

MNI: PBOC Sets Yuan Parity Lower At 7.1321 Thurs; -1.92% Y/Y

CHINA PBOC CONDUCTS CNY235.1 BILLION VIA 7-DAY REVERSE REPOS THURS

CHINA SETS YUAN CENTRAL PARITY AT 7.1321 THURS VS 7.1358

CBI Price Expectations for Three Months Ahead Lowest Since December 2020

MNI: UK JUL CBI INDUSTRIAL TRENDS TOTAL ORDERS -32

Broad-Based IFO Weakness Reinforces Narrative of Recovery Stall

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

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Price Signal Summary - EURUSD Bulls Remain IN The Driver's Seat

OUTLOOK
  • In FX, EURUSD maintains a bullish tone. Resistance at 1.0930, the Mar 23 high, has been breached. This level marked a key short-term hurdle for bulls and the clear break reinstates the recent bull theme and signals scope for 1.1033, the Feb 2 high. Support at the 20-day EMA, at 1.0834, remains intact and the 50-day EMA intersects at 1.0755. A clear break of these two averages would be bearish.
  • GBPUSD remains in an uptrend and the recent move lower is considered corrective. Last week’s gains resulted in a break of 1.2448, the Jan 23 high and the top of a broad 3.5 months range. The break marks an important medium-term development signalling the next stage of the uptrend that started Sep 26 2022. The focus is on 1.2599, the Jun 7 2022 high. The bull trigger is 1.2525, Apr 4 high. Support is at 1.2324, 20-day EMA.
  • USDJPY is holding on to its recent gains. The latest recovery in price is considered corrective and the next key short-term resistance to watch is 134.75, 61.8% of the Mar 8 - 24 bear leg. A break of this level would strengthen the current bull cycle. On the downside, a reversal lower would signal the end of the corrective phase and attention would turn to support at 130.64, the Apr 5 low.
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Foreign Exchange Technical AnalysisHomepagemarkets-real-timeBulletMarketsFixed Income BulletsForeign Exchange Bullets

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