MNI China Daily Summary: Thursday, April 22

MNI BRIEF: China To Quicken Resolving Local Debt Risks

RPT-MNI INTERVIEW: ECB's Wunsch Sees At Least Two Cuts By Dec

MNI: PBOC Conducts CNY2 Bln Via OMO Mon; Liquidity Unchanged

CHINA PBOC INJECTS CNY2 BILLION VIA 7-DAY REVERSE REPOS MON

MNI: PBOC Sets Yuan Parity Lower At 7.1043 Mon; -4.74% Y/Y

EZ/UK Bond Supply Calendar: EU, FI Synds; IT, DE Auctions Tues

MNI: CANADA MAR INDUSTRIAL PRICES +0.8% MOM; EX-ENERGY +0.8%

NBH Data Watch

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

MNI BRIEF: Poilievre Calls QE 'Scam' And Would Limit BOC Remit

MNI: Growth Drag From Net Zero Carbon Goal Can Be Offset-OECD

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Price Signal Summary - Oil Futures Remain Vulnerable

MARKET INSIGHT
  • In the equity space, S&P E-Minis traded higher Wednesday to reinforce current bullish conditions. The break of Monday’s 4147.25 high confirms a resumption of recent gains and maintains a bullish theme. This opens 4204.75 next, May 31 high and the next key resistance. Initial trend support has been defined at 3913.25, the Jul 26 low. EUROSTOXX 50 futures trend conditions remain bullish and yesterday’s high print reinforces current conditions. The contract has breached the 76.4% retracement of the Jun 6 - Jul 5 downleg, at 3722.40. Initial firm support to watch is 3586.00, the 50-day EMA.
  • In FX, the EURUSD short-term outlook is bullish, as long as support at 1.0097, the Jul 27 low, remains intact. A resumption of gains would signal scope for an extension higher within the bull channel - the top intersects at 1.0388. Weakness below 1.0097 would alter the picture. A bullish short-term theme in GBPUSD is still intact. Price has recently traded above the 50-day EMA. This reinforces bullish conditions with the next objective at 1.2332, the Jun 27 high. Potential is also seen for a climb towards 1.2406, the Jun 16 high and a key resistance. Initial firm support to watch lies at 1.2063, the Jul 29 low. USDJPY remains above support at 130.41, Tuesday’s low. Gains are - for now - considered corrective. A resumption of weakness would open 130.00. Initial resistance is at 135.32, the 20-day EMA.
  • On the commodity front, Gold maintains a firmer tone. Attention is on resistance at the 50-day EMA, at $1783.10. The average has been pierced, a clear break would suggest potential for a bullish extension and expose trendline resistance at $1804.6. The trendline is drawn from the Mar 8 high. In the Oil space, WTI futures remain vulnerable. The contract has recently failed to clear key resistance around the 50-day EMA - the average intersects at $99.87. The break lower opens $88.23, Jul 14 low and a key support.
  • In the FI space, a short-term bull cycle in Bund futures remains intact. Scope is seen for a climb to 159.79 next, the Apr 4 high (cont). Initial firm support is 154.44, the 20-day EMA. The trend condition in Gilts remains bullish is bullish and pullbacks are considered corrective. A resumption of gains would open 120.00. Support is at 116.80 20-day EMA.
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