MNI China Daily Summary: Monday, July 1

MNI BRIEF: PBOC To Borrow CGBs In Response To Market Situation

MNI BRIEF: Caixin June Manufacturing PMI Hits Three-year High

MNI: PBOC Net Drains CNY48 Bln Via OMO Mon; Rates Unchanged

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

MNI: US MAY CONSTRUCT SPENDING -0.1%

MNI: US ISM JUN MANUF PURCHASING MANAGERS INDEX 48.5

US JUNE MANUFACTURING PMI 51.6 (51.7 FLASH, 51.3 MAY)

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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TECHS: Key Price Signal Summary

MARKET INSIGHT
  • Gold is consolidating but remains heavy. $1800.0 support is still exposed, a break would open $1763.5 , 50.0% retracement of the Mar - Aug rally. Brent (F1) has this week cleared the Aug highs and is eyeing the psychological $50.00. WTI (F1) targets $48.07 next, 0.764 proj of Apr - Aug rally from Nov 2 low. Dips seen this morning are considered corrective in nature.
  • In the FX space, EURUSD remains on course for a climb towards this year's high print of 1.2011, Sep 1 high. USDJPY key support lies at 103.18, Nov 11 low. Initial support to watch remains 103.65, Nov 18 low. EURGBP trendline resistance at 0.9006, drawn off the Sep 11 high remains intact. The bear trigger is 0.8861, Nov 12 low. The major hurdle for bulls in Cable is 1.3421. This is a multi-year trendline resistance drawn off the Nov 2007 high.
  • Key FI resistance levels to watch: Bund fut: 175.73, Nov 20 high and 176.08, 76.4% of the Nov 4 - 11 sell-off. Gilts (H1): 134.33, Nov 23 high. A break would open 134.49, a Fibonacci projection. BTP fut: fresh high prints this week highlights scope for 152.00/02.
  • EUROSTOXX50 continues to grind higher, the focus is on 3553.05 next, Feb 27 high.
Fixed Income Technical AnalysisForeign Exchange Technical AnalysisHomepagemarkets-real-timeCommoditiesEquitiesBulletMarketsFixed Income BulletsForeign Exchange Bullets
Fixed Income Technical AnalysisForeign Exchange Technical AnalysisHomepagemarkets-real-timeCommoditiesEquitiesBulletMarketsFixed Income BulletsForeign Exchange Bullets

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