MNI China Daily Summary: Wednesday, July 10

MNI BRIEF: China To Investigate EU Trade Actions

MNI BRIEF: China June CPI Hits Three Month Low

MNI: PBOC Conducts CNY2 Bln Via OMO Weds; Liquidity Unchanged

CHINA PBOC CONDUCTS CNY2 BILLION VIA 7-DAY REVERSE REPOS WEDS

MNI: PBOC Sets Yuan Parity Higher At 7.1342 Weds; -0.53% Y/Y

US EIA: CRUDE OIL STOCKS EX SPR -3.44M TO 445.1M JUL 05 WK

MNI:US MAY WHOLESALE INV 0.6%; SALES 0.4%

MNI: US MBA: MARKET COMPOSITE -0.2% SA THRU JUL 05 WK

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

MNI BRIEF: Poilievre Calls QE 'Scam' And Would Limit BOC Remit

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Tech Focus: CEEMEA FX Price Signal Summary: USDZAR Downside Extends

EMERGING MARKETS
  • USDZAR extends this week's sell-off with the pair approaching 14.7772, 76.4% of the rally between the Dec lows and the Jan highs.
    • A break of 14.7772 would pave the way for a test of key support at 14.5037, Dec 23 low.
  • EURPLN remains below the 4.5500 level. The outlook is bearish and recent gains are likely a correction.
    • Key support is unchanged at 4.4946, Jan 7 low and a bear trigger.
    • The resistance to watch is 4.5581, 50.0% of the Dec 31 - Jan 7 downleg.
  • EURHUF remains soft and is eyeing support at 356.53, Jan 7 low. A break would open 356.00, 76.4% of the Dec 14 - 31 rally.
  • USDTRY is largely unchanged and is back below the 20-day EMA. A clear breach of the average would open 7.5963, the 50-day EMA.
    • A reminder that a key pivot support lies at 7.2406, Jan 7 low and is close to the May 2020 high and the Aug 2013 high. A break of 7.2406 would resume the downtrend.
  • The near-term USDRUB directional triggers are unchanged at 73.0665, Jan 4 low and 75.2785, Jan 5 high.
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