MNI China Daily Summary: Wednesday, April 17

MNI BRIEF: China To Quicken Project Construction - NDRC

MNI BRIEF:ECB Unifies Interest On Non-Monetary Policy Deposits

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

MNI: PBOC Sets Yuan Parity Lower At 7.1025 Weds; -5.39% Y/Y

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

US EIA: CRUDE OIL STOCKS EX SPR +2.74M TO 460.0M APR 12 WK

MNI: FOREIGN HOLDINGS OF CANADA SECURITIES -8.8B CAD IN FEB

ECB Underlying Inflation Metrics Support June Cut Consensus

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 - USDJPY In Free Fall

OUTLOOK
  • In FX, EURUSD surged Thursday the pair is trading higher again today, reinforcing current bullish conditions. Yesterday’s climb resulted in a break of key short-term resistance at 1.0094, the Oct 27 high and 1.0198, the Sep 12 high, strengthening the bullish case. This opens 1.0327 next,1.50 projection of the Sep 28 - Oct 4 - 13 price swing. Initial firm support is at 1.0094 ahead of the firmer support at yesterday’s 0.9936 low.
  • GBPUSD rallied sharply Thursday and in the process cleared resistance at 1.1645, the Oct 27 high. The break confirms a resumption of the bull cycle that started Sep 26 and maintains the positive price sequence of higher highs and higher lows. The focus is on 1.1799, the 0.764 projection of the Sep 26 - Oct 5 - 12 price swing and potentially the 1.2000 handle further out. On the downside, initial firm support lies at 1.1334, the Nov 9 low. The 50-day EMA, 1.1445, is initial support.
  • A sharp sell-off in USDJPY Thursday continues to weigh on sentiment and the pair is trading lower again today. The sell-off has resulted in a break of support at 140.36, the Sep 22 intervention low. This opens 138.64 next, the 61.8% retracement of the Aug 2 - Oct 21 bull leg. Initial firm resistance is seen at 144.75, the 50-day EMA. Today’s intraday high of 142.48, is the first resistance.
Foreign Exchange Technical AnalysisHomepagemarkets-real-timeBulletMarketsFixed Income BulletsForeign Exchange Bullets
Foreign Exchange Technical AnalysisHomepagemarkets-real-timeBulletMarketsFixed Income BulletsForeign Exchange Bullets

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