MNI China Daily Summary: Friday, September 6

MNI BRIEF: China To Address Consumption In Next Five-year Plan

MNI: PBOC Net Injects CNY111.4 Bln via OMO Friday

CHINA PBOC CONDUCTS CNY141.5 BLN VIA 7-DAY REVERSE REPOS FRI

MNI: PBOC Sets Yuan Parity Lower At 7.0925 Fri; +2.94% Y/Y

CHINA SETS YUAN CENTRAL PARITY AT 7.0925 FRI VS 7.0989

MNI: EUROZONE Q2 GDP +0.2% Q/Q, +0.6% Y/Y

MNI: FRANCE JUL INDUSTRIAL PRODUCTION -0.5% M/M, -2.2% Y/Y

MNI: GERMANY JUL EXPORTS +1.7% M/M; IMPORTS +5.4% M/M

AUSTRALIA: Albanese Lines Up Budget for May Election

AUSTRALIA: Albanese Lines Up Budget for May Election

UK: Week Ahead

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Price Signal Summary - USDJPY Trend Needle Still Points North

MARKET INSIGHT
  • In the equity space, S&P E-Minis are trading above recent lows - short-term gains are considered corrective. The trend direction remains down and the focus is on 3600.00. Initial resistance is at 3843.00, the Jun 15 high. EUROSTOXX 50 futures remain vulnerable despite recent gains. Recent weakness reinforced bearish conditions and attention is on the 3300.00 handle next. 3567.00 is first resistance, Jun 16 high.
  • In FX, EURUSD continues to trade above last week’s low. Short-term gains are still considered corrective and the primary trend direction remains down. A resumption of weakness would open 1.0350, the May 13 low and bear trigger. Initial firm resistance is at 1.0601, the Jun 16 high. GBPUSD remains in a corrective cycle and continues to trade above last week’s low. The primary trend is down and attention is on 1.1934, Jun 14 low and the short-term bear trigger. Resistance to watch is at 1.2406, the Jun 16 high. USDJPY traded higher Friday and a short-term key support has been defined at 131.50, Jun 16 low. The outlook remains bullish with the bull trigger at 135.59, Jun 15 high. Clearance of this hurdle would confirm a resumption of the uptrend and open 136.04, 1.382 projection of the Feb 24 - Mar 28 - 31 price swing.
  • On the commodity front, Gold is unchanged and remains vulnerable. The focus is on $1787.0, May 16 low where a break would resume the downtrend. Key trendline resistance to watch is at $1884.1. The trendline is drawn from the Mar 8 high and a breach would instead highlight a bullish development. In the Oil space, WTI futures traded sharply lower on Friday, resulting in a break of the 20-day EMA. The move lower also resulted in a print below the 50-day EMA - currently at $109.50. Friday’s low of $108.25 represents a key short-term support where a break would signal scope for a deeper pullback this week. For bulls, the broader trend remains up and the bull trigger is at 123.68, the Jun 14 high.
  • In the FI space, the Bund futures primary direction remains down and the focus is on the 140.00 psychological handle. Gilts remain bearish despite the bounce from last Thursday’s low. A resumption of weakness would refocus attention 109.89, Jun 16 low and the near-term bear trigger.
Metals Technical AnalysisForeign Exchange Technical AnalysisMetals bulletFixed Income Technical AnalysisHomepagemarkets-real-timeCommoditiesEquitiesEnergy BulletsBulletMarketsFixed Income BulletsForeign Exchange BulletsEnergy Technical Analysis
Metals Technical AnalysisForeign Exchange Technical AnalysisMetals bulletFixed Income Technical AnalysisHomepagemarkets-real-timeCommoditiesEquitiesEnergy BulletsBulletMarketsFixed Income BulletsForeign Exchange BulletsEnergy Technical Analysis

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