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MNI: PBOC Cuts 14-Day Reverse Repo Rate,  MLF Rate Unchanged

CHINA JAN-AUG INDUSTRIAL OUTPUT +3.9% Y/Y VS JAN-JUL +3.8% Y/Y

CHINA PBOC INJECTS CNY34 BILLION VIA 14-DAY REVERSE REPOS FRI

Futures Highest Since March

MNI: FED BALANCE SHEET TOTAL ASSETS -$2.5B TO $8.099T IN WEEK

EZ/UK Bond Supply Calendar: Slovakia, Belgium to Issue Monday

MNI BRIEF: Canada Shows No Progress Closing Housing Shortfall

MNI BRIEF: Highlights From BOC Governor Macklem Speech

MNI BRIEF: Finance Minister Calls BOC Pause 'Welcome Relief'

Tech Focus: CEEMEA FX Price Signal Summary: USDTRY Needle Still Points North

EMERGING MARKETS
  • EURHUF has retraced some of last week's sell-off. The cross however remains vulnerable. The recent extension lower has exposed 345.14, Jun 10 low and a key support plus bear trigger. On the upside, key short-term resistance has been defined at 356.57, Jun 22 high.
  • The rally in EURPLN between Jun 7 - 18 resulted in a break of both the 20- and 50-day EMAs suggesting scope for a stronger recovery. The recent pullback is likely a correction. A resumption of strength would open 4.5868, 61.8% of the Mar 29 - Jun 7 downleg and 4.5931, Apr 28 high. Support is at 4.4872, Jun 14 low.
  • USDZAR outlook remains bullish. A key bear channel resistance drawn off the Apr 24 2020 high was cleared recently. The channel has been cleared before, however if the current rally is maintained, this would signal a significant reversal of the downtrend that started early Apr 2020. The focus is on 14.5434 next, May 4 high. Initial support is seen at 14.0323, the 20-day EMA.
  • USDTRY is trading closer to recent highs and conditions remain bullish. Sights are set on 8.8008, Jun 2 high and the bull trigger where a break would open 8.9657, 2.00 projection of the Feb 16 - Mar 9 - Mar 19 price swing. Key support lies at 8.2860, Jun 11 low. Initial support is at 8.5986, Jun 23 low.
  • USDRUB maintains a bearish tone following the recent break of 72.5385, Mar 16 low. The focus is on 71.0838, 76.4% retracement of the Jun - Oct 2020 rally. Resistance is at 73.4207, the 50-day EMA.
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