MNI China Daily Summary: Thursday, August 1

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MNI BRIEF: BOJ To Focus On Continued Positive Wage Setting

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MNI BRIEF: China Retains Ample Policy Space In H2 – NDRC

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MNI: US Q2 PREL UNIT LABOR COSTS +0.9% VS Q1 +3.8%; Y/Y +0.5%

MNI: US JOBLESS CLAIMS +14K TO 249K IN JUL 27 WK

VDMA Factory Orders Remain Weak in June

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

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Price Signal Summary - USDMXN Trend Needle Points South

LATAM FX
  • The USDMXN downtrend remains intact. Attention is on the bear trigger at 17.4207, May 15 low. This level was pierced on Friday, a clear break would confirm a resumption of the downtrend and open 17.0507, the Apr 29 2016 low. The pair remains below resistance at the 50-day EMA, which intersects at 17.9064. This is a key short-term hurdle for bulls, where a break would signal a stronger reversal.
  • USDBRL traded higher on May 31, but failed to hold on to its gains and has since traded lower. The reversal from the high means that price failed to confirm a clear break of resistance at 5.0891, the Apr 19 high, and the price pattern that day is a shooting star candle - a bearish reversal signal. This signals that the recent correct cycle is over and if correct, scope exists for weakness to 4.8859, the May 15 low and key support. For bulls, clearance of 5.1277, the May 31 high, is required to reinstate a bullish theme.
  • USDCLP is largely unchanged. The pair recently pierced support at 783.10, the Mar 31 low. A clear break of this level 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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