MNI China Daily Summary: Tuesday, April 2

MNI BRIEF: China to Incentivise Equipment Upgrades, Trade-Ins

MNI: PBOC Drains Net CNY148 Bln Via OMO Tues; Rates Unchanged

MNI: PBOC Sets Yuan Parity Higher At 7.0957 Tues; -4.95% Y/Y

CHINA PBOC INJECTS CNY2 BILLION VIA 7-DAY REVERSE REPOS TUES

CHINA SETS YUAN CENTRAL PARITY AT 7.0957 TUES VS 7.0938

EZ/UK Bond Supply Calendar: Belgian 30Y USD and Bund Auction Weds

MNI: US BLS: JOLTS QUITS RATE 2.2% IN FEB

MNI: US BLS: JOLTS OPENINGS RATE 8.756M IN FEB

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

MNI: Growth Drag From Net Zero Carbon Goal Can Be Offset-OECD

MNI BRIEF: Lawmakers Signal Tough Hearing For BOC's Macklem

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TECHS: Price Signal Summary - Bunds Test Key Resistance

MARKET INSIGHT
  • E-mini S&P futures are consolidating. The trend outlook is unchanged and remains bullish. The focus is on 3900.00 next. Support lies at 3788.50, Jan 25 low.
  • EUROSTOXX50 key support is at 3524.63, Jan 5 low and 3521.84, the 50-day EMA
  • In FX, recent gains in EURUSD are still considered corrective. Key levels to watch are:
    • 1.2054 support, Jan 18 low and trigger for 1.2011, Sep 1 high.
    • Resistance at 1.2230, Jan 11 high.
  • USDJPY focus is still on the bear channel top drawn off the Mar 24 high at 103.99 today. A break is required to signal a reversal.
  • EURGBP remains bearish. Last week's breach of 0.8867 and 0.8861, the Nov 23 and Nov 11 lows reinforces this theme. Resistance to watch is 0.8925, Jan 18 high. Scope is seen for a move to 0.8808, May 13, 2020 low.
  • On the commodity front, levels to watch in Gold are resistance at $1875.2, Jan 21 high and support at $1832.6, Jan 20 low. Oil contracts remain above support. Brent (H1) support to watch is $54.45, the 20-day EMA and WTI (H1) support lies at $51.30, also the 20-day EMA.
  • In the FI space:
    • Bunds (H1) tested key resistance earlier at 177.96, Jan 14 high. This level has so far offered resistance. A break would trigger stronger gains and open 178.37, Jan 4 high.
    • Key resistance in Gilts (H1) at the 20- and 50-day EMAs was breached yesterday. Futures are lower this morning. A return higher though would open 135.04, 61.8% retracement of the Jan 4 - 12 downleg
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