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

CHINA SETS YUAN CENTRAL PARITY AT 7.1358 WEDS VS 7.1334

MNI BRIEF: China Wants U.S. Firms To Deepen Investment

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

US MBA: REFIS +0.3% SA; PURCH INDEX -4% SA THRU JULY 19 WK

Market round-up post PMIs

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

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Price Signal Summary - Impulsive Bear Wave In Gilts Remains Intact

OUTLOOK
  • In the FI space, Bund futures remain in a bear mode condition. Price has pierced key support at 133.10, the Apr 19 low. A clear break of this level would strengthen bearish conditions. This would open 132.71, 76.4% of the Mar 2 - 20 rally, ahead of 132.37, the Mar 10 low. On the upside, initial firm resistance is at 134.84, the 20-day EMA. A breach of this average is required to ease bearish pressure.
  • The primary trend direction in Gilt futures remain in a bear mode position as the contract maintains the current impulsive bear wave. Moving average studies are in a bear mode position. Sights are set on 93.92 next, the 3.236 projection of the May 3 - 10 - 11 price swing. Initial resistance is at Wednesday’s high of 96.74. Note that the trend is oversold, a corrective bounce would allow this condition to unwind.
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