BOC SAYS DOESN'T NEED TO ALTER PATH OF QT RIGHT NOW

this is a test, please ignore

MNI BRIEF: Text of Bank Of Canada Interest-Rate Decision

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

US Treasury Auction Calendar

EZ/UK Bond Supply Calendar: BTP Short Term and BTPeis on Thursday

EZ/UK T-Bill Calendar: Italy, UK Auction on Friday

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

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Price Signal Summary - USD Trend Direction Remains Up

MARKET INSIGHT
  • In the equity space, the S&P E-minis traded higher again yesterday to another all-time high. The outlook remains bullish despite today's pullback. The focus is on 4420.92, 0.764 projection of the Jun 21 - Jul 14 - 19 price swing. Support is seen at 4330.80, the 20-day EMA. EUROSTOXX 50 futures traded above the important 4101.50 resistance, Jul 1 high last week. An extension would open the 4153.00 key resistance, Jun 17 high. Support to watch is at 4029.50, Jul 22 high.
  • In FX, the USD outlook is unchanged and remains bullish. EURUSD is consolidating. The focus is on 1.1704, Mar 31 low and a key support. GBPUSD is holding onto recent gains. The move higher from 1.3572, Jul 20 low is considered a correction. The next resistance to watch is 1.3884, the 50-day EMA . USDJPY continues to trade above 109.07, Jul 19 low. This represents a key short-term support and bear trigger. The pair remains below resistance at 110.70, Jul 14 high and is weaker today. A break above 110.70 would be a bullish development.
  • On the commodity front, Gold is consolidating and maintains a bullish tone with the focus on the bull trigger at $1834.1, Jul 15 high. Key short-term support is at $1791.7, Jul 12 low and was tested and briefly probed Friday but has provided support. A clear break of this level would be bearish. Brent (U1) has cleared $73.87, 61.8% of the Jul 6 - 20 downleg. The move higher opens $75.39, the 76.4% level. WTI (U1) is holding onto the bulk of its recent gains. An extension would open $73.46, 76% of the Jul 6 - 20 downleg.
  • Within FI,Bund futures remain firm and traded higher yesterday. Sights are on 176.64, the Feb 11 high (cont). Gilts maintain a bullish tone. The break of 129.92, Jul 8 high opens 130.72, 2.236 projection of the May 13 - 26 - Jun 3 price swing. We are still monitoring a bearish candle pattern, an evening star reversal from the Jul 21 close. A deeper pullback would expose 128.54, low Jul 14.
Fixed Income Technical AnalysisForeign Exchange Technical AnalysisFixed Income BulletsHomepagemarkets-real-timeBulletMarketsEmerging Market NewsForeign Exchange Bullets
Fixed Income Technical AnalysisForeign Exchange Technical AnalysisFixed Income BulletsHomepagemarkets-real-timeBulletMarketsEmerging Market NewsForeign Exchange Bullets

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