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

CHINA PBOC CONDUCTS CNY66.1 BILLION VIA 7-DAY REVERSE REPOS WEDS

CHINA SETS YUAN CENTRAL PARITY AT 7.1358 WEDS VS 7.1334

MNI BRIEF: China Wants U.S. Firms To Deepen Investment

MNI: US MBA: MARKET COMPOSITE -2.2% SA THRU JUL 19 WK

US MBA: REFIS +0.3% SA; PURCH INDEX -4% SA THRU JULY 19 WK

Market round-up post PMIs

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Price Signal Summary - USDMXN Remains Below The 50-Day EMA

LATAM FX
  • USDMXN is trading lower. The latest pullback is potentially significant because it means that resistance at the 50-day EMA, which intersects at 18.0096, has remained intact - for now. This is a key short-term hurdle for bulls where a break would signal a stronger reversal. The primary trend direction is down and a continuation lower would expose the bear trigger at 17.4207, May 15 low. A break of this level would open 17.0507, the Apr 29 2016 low.
  • USDBRL traded higher yesterday. This week’s gains have resulted in a break of both the 20- and 50-day EMAs. The trend direction remains down and gains still appear to be a correction. Key short-term resistance to watch is 5.0891, the Apr 19 high. A break would signal scope for a stronger recovery. On the downside, the bear trigger has been defined at 4.8859, the May 15 low. A break would resume the downtrend.
  • USDCLP is holding on to the bulk of its most recent gains. The pair recently pierced support at 783.10, the Mar 31 low. A clear breach of 783.10, would expose the key bear trigger at 776.28, the Feb 3 low. Clearance of this level would confirm a resumption of the broader downtrend. For now, the pair remains above the May 15 low, a stronger bounce would instead refocus attention on key short-term resistance at 837.15, the Mar 17 high.
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