MNI China Daily Summary: Monday, May 13

MNI BRIEF: Beijing Reveals 2024 Bond Issuance Plan

MNI BRIEF: BOJ Cuts Scale Of 5-10 Year JGB Buying By JPY50 Bln

RPT-MNI POLICY:BCB Dissenters Feared Reaction Function Misstep

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MNI: PBOC Sets Yuan Parity Higher At 7.1030 Mon; -4.18% Y/Y

Canada March Building Permits Fall, Q1 Permits Below Average

MNI: CANADIAN MAR BUILDING PERMITS -11.7% MOM

Key data and MPC speakers this week (3/3)

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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Spikes Above $2400 On News Of Israeli Strike On Iran

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Gold surged above $2400 following reports of Israeli missile strikes on sites in Iran, as reported by ABC.

  • Before the official confirmation, market speculation was already rife due to reports of the closure of Iranian airspace. It was noted that flights had been diverted away from Iranian airspace, particularly over central Iran, where the explosions occurred near the city of Isfahan.
  • However, the initial spike has since been tempered, with the price of bullion now standing 0.5% higher at $2391, following a 0.8% increase in Thursday's closing.
  • According to MNI’s technicals team, the trend condition remains unchanged, and the outlook is still bullish, with the next objective at $2452.5, a Fibonacci projection. Initial firm support is at $2293.4, the 20-day EMA.
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Gold surged above $2400 following reports of Israeli missile strikes on sites in Iran, as reported by ABC.

  • Before the official confirmation, market speculation was already rife due to reports of the closure of Iranian airspace. It was noted that flights had been diverted away from Iranian airspace, particularly over central Iran, where the explosions occurred near the city of Isfahan.
  • However, the initial spike has since been tempered, with the price of bullion now standing 0.5% higher at $2391, following a 0.8% increase in Thursday's closing.
  • According to MNI’s technicals team, the trend condition remains unchanged, and the outlook is still bullish, with the next objective at $2452.5, a Fibonacci projection. Initial firm support is at $2293.4, the 20-day EMA.