MNI China Daily Summary: Wednesday, July 10

MNI BRIEF: China To Investigate EU Trade Actions

MNI BRIEF: China June CPI Hits Three Month Low

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

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

MNI: PBOC Sets Yuan Parity Higher At 7.1342 Weds; -0.53% Y/Y

MNI: US MBA: MARKET COMPOSITE -0.2% SA THRU JUL 05 WK

US MBA: REFIS -2% SA; PURCH INDEX +1% SA THRU JULY 5 WK

Indeed Wages Tick Higher, But Future Revisions Are Likely

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 - USDMXN Outlook Remains Bullish

LATAM FX
  • USDMXN has pulled back from its most recent high. Despite this move lower, the trend outlook is bullish. Price has remained above both the 20- and 50-day EMAs and these averages are in bull mode condition. Sights are on $18.6172, the 76.4% retracement of the Mar 20 - Jul 28 downleg. A break of this level would open 19.2322, the Mar 20 high. The bull trigger is 18.4863, the Oct 6 high. On the downside, key support has been defined at 17.3498, the Sep 29 low. Initial firm support lies at 17.7548, the Oct 12 low.
  • USDBRL remains below its recent highs. However, a bull cycle remains intact and the recent pullback still appears to be a correction. Scope is seen for a climb towards 5.2495, the Mar 27 high, and 5.3409, the Mar 24 high, further out. The bull trigger has been defined at 5.2202, the Oct 6 high. On the downside, key short-term support is seen at 4.9883, the Sep 29 low. A break of this level would signal scope for a deeper pullback and open 4.9371, trendline support drawn from the Jul 28 low. The trendline also represents an important area of support.
  • USDCLP maintains a bullish tone and the pair is holding on to the bulk of its recent gains. Moving average studies are in a bull-mode position and a positive price sequence of higher highs and higher lows remains intact. Scope is seen for a climb towards 956.45, the Nov 21 high, and 958.54, the Nov 3 2022 high. Key support is at the 50-day EMA - at 896.59. The 20-day EMA lies at 923.86. The most recent pullback is considered corrective.
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