MNI BRIEF: China To Step Up Macroeconomic Policies - Politburo

MNI: PBOC Net Drains CNY51.03 Bln via OMO Tuesday

MNI: PBOC Sets Yuan Parity Higher At 7.1364 Tues; -1.28% Y/Y

CHINA PBOC CONDUCTS CNY216.27 BILLION VIA 7-DAY REVERSE REPOS TUES

CHINA SETS YUAN CENTRAL PARITY AT 7.1364 TUES VS 7.1316

MNI China Daily Summary: Monday, July 29

MNI: NORTH RHINE WESTPHALIA CPI +0.3% M/M, +2.3% Y/Y

MNI: GERMANY Q2 FLASH GDP  -0.1% Q/Q (+0.1% FCST, +0.2% PRIOR)

MNI: ITALY Q2 FLASH GDP  +0.2% Q/Q (+0.2% FCST, +0.3% PRIOR)

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

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Starts The Week On A Firm Note

EURUSD TECHS
  • RES 4: 1.0839 50.0% retracement of the Feb 2 - Mar 8 bear leg
  • RES 3: 1.0803 High Feb 14 and key resistance
  • RES 2: 1.0779 50.0% retracement of the Feb 2 - Mar 8 bear leg
  • RES 1: 1.0737 High Mar 13
  • PRICE: 1.0728 @ 15:58 GMT Mar 13
  • SUP 1: 1.0640 Intraday low
  • SUP 2: 1.0574 Low Mar 10
  • SUP 3: 1.0525 Low Mar 8 and the bear trigger
  • SUP 4: 1.0484 Low Jan 6 and a key support

EUR/USD traded higher Monday, extending last week’s recovery from 1.0525, the Mar 8 low. Resistance at 1.0694 has been cleared, the Mar 6 / 7 high and this signals scope for a climb towards 1.0779 next, a Fibonacci retracement. Gains are considered corrective - for now. Support to watch is today’s intraday low of 1.0640 where a break is required to signal a top. This would refocus attention on 1.0525, the bear trigger.

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