MNI China Daily Summary: Friday, July 12

MNI BRIEF: China June M2 SlowsTo Record Low For Third Month

MNI BRIEF: China Steel Export Growth Slows In June

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

CHINA PBOC CONDUCTS CNY2 BILLION VIA 7-DAY REVERSE REPOS FRI

CHINA H1 NEW LOANS CNY13.27 TRLN VS JAN-MAY CNY11.14 TRLN

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Services Still Sticky As Spain HICP Revised A Tenth Higher

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

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

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Price Signal Summary: USDBRL Remains Under Pressure

LATAM FX
  • USDMXN outlook remains bullish. The pair rallied Aug 20 and cleared 20.2502, Jul 21 high. The break highlights a positive short-term theme and ends the recent 2-month broad consolidation. Attention is on 20.5027, 76.4% of the Jun 18 - 25 downleg where a break would signal scope for stronger gains potentially towards 20.7488, Jun 18 high. Key support is at 19.8004, Jul 30 low.
  • USDBRL remains under pressure this week as the pair pulls back from 5.4741, Aug 20 high. The next support is at the 50-day EMA at 5.2228. A break of this level would signal scope for a deeper pullback towards 5.1644, the Aug 11 low. Initial resistance is at 5.3630, Aug 24 high with key resistance and the bull trigger at 5.4741.
  • The USDCLP needle still points north and the focus is on 795.73, the Aug 9 high and bull trigger. Moving average studies remain in a bull mode and a bullish price sequence of higher highs and higher lows dominates. A break of 795.73 would confirm a resumption of the uptrend and open 800.00 and above. Key support lies at 768.33, Aug 12 low. Dips are considered corrective.
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