MNI BRIEF: Text Of BOC Press Conference Opening Statement

BOC CUTS RATE TO 4.5% FROM 4.75%, MORE MAY BE JUSTIFIED

MNI China Daily Summary: Wednesday, July 24

MNI: PBOC Net Drains CNY203.9 Bln Via OMO Wednesday

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

CHINA PBOC CONDUCTS CNY66.1 BILLION VIA 7-DAY REVERSE REPOS WEDS

MNI: US JUL FLASH MANUFACTURING PMI 49.5 (FCST 51.6); JUN 51.6

Energy Base Effects Push PPI Higher, But Goods Pipeline Pressures Soften

MNI: US MBA: MARKET COMPOSITE -2.2% SA THRU JUL 19 WK

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

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Price Signal Summary - Gold/Silver Ratio at 2021 Highs

MARKET INSIGHT
  • In FX, EURGBP outlook remains acutely weak, with this week's 0.8450 print the lowest level since February last year. This flags scope for losses toward vol band support at 0.8418 as well as the Feb 27, 2020 low at 0.8430. Moving average studies remain in a bear mode highlighting a downside theme. USDJPY added to recent gains in early Wednesday trade, topping out a new monthly high of 110.80 before fading. This keeps the outlook positive, with 110.82 the next upside level ahead of the 111.66 bull trigger.
  • Silver remains weak and has underperformed gold throughout the recovery off the Monday low. This underperformance has accelerated the formation of a death cross in DMA space, adding to bearish pressure on silver. A break and close below Monday's low would be resolutely bearish, opening key Fib support at 20.751. WTI futures levelled off Thursday, holding above the Monday high and erasing the weakness seen at the beginning of the week. Nonetheless, prices hold south of the 50-day EMA at 70.03, which switches from support to resistance.
  • S&P E-minis outlook is bullish as evidence of dip buying remains solid on intraday pullbacks. Recent gains have confirmed a resumption of the uptrend and signal scope for a continuation near-term. The sell-off Jul 14 - 19 resulted in a break of 4279.25, Jul 8 low. EUROSTOXX 50 futures are extending gains, topping out at new cycle highs of 4228.00 Thursday. This extends the winning streak to eight consecutive sessions of higher highs. This follows the break above previous resistance at 4101.50, Jul 1 high.
  • Gilt futures uptrend stalled ahead of the 200-dma last week, but managed a high watermark of 130.72 before prices faded. There remains a bullish outlook which has dominated since the break of 129.92, Jul 8 high.
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