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

MNI: UK CBI JUL DIST TRADE REPORTED SALES -43

MNI: UK BOE JUN MORTGAGE APPROVALS 59,976

MNI: UK JUN M4 MONEY SUPPLY +0.5% M/M, +1% Y/Y

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

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Price Signal Summary - EURUSD Uptrend Remains Intact

OUTLOOK
  • In FX, a strong recovery extended Monday in EURUSD, confirming the end of the recent corrective pullback. The bull trigger at the Dec 15 high at 1.0735, has been cleared and this confirms a resumption of the uptrend. The break maintains the bullish price sequence of higher highs and higher lows and note that MA studies are in a bull-mode position. The focus is on 1.0787, the May 30, 2022 high. Key support has been defined at 1.0484, the Jan 6 low.
  • GBPUSD traded higher Monday, adding to Friday’s strong bounce. The recovery from Friday’s low of 1.1842 highlighted an early reversal and yesterday’s follow through reinforces the signal that highlights the end of the recent bear cycle between Dec 14 - Jan 6. Sights are on 1.2242 next, Dec 19 high. Key support is at 1.1842, the Jan 6 low.
  • USDJPY remains below Friday’s high of 134.77. The pullback and weak close on Friday, reinforces a bearish theme and suggests that recent gains have been a correction. The key support and trigger for a resumption of the trend is 129.52, Jan 3 low. Initial key short-term resistance has been defined at 134.77.
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