MNI China Daily Summary: Friday, March 29

MNI: PBOC Injects Net CNY148 Bln Via OMO Fri; Rates Unchanged

MNI: PBOC Sets Yuan Parity Higher At 7.0950 Fri; -4.70% Y/Y

CHINA PBOC INJECTS CNY150 BILLION VIA 7-DAY REVERSE REPOS FRI

CHINA SETS YUAN CENTRAL PARITY AT 7.0950 FRI VS 7.0948

MNI BRIEF: Size Of June Cut Still Undecided -BCB's Campos Neto

MNI: US FEB PERSONAL INCOME +0.3%; NOM PCE +0.8%

HICP Tracking at 2.4%Y/Y - One tenth below consensus

HICP 2 tenths softer than expected, but partly on clothing prices

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 - E-minis Approaching Psychological Level

MARKET INSIGHT
  • In the equity space, S&P E-minis remain in an uptrend as the contract approaches the psychological 4000.00 handle. EUROSTOXX 50 is trading higher too as the uptrend extends. This reinforces the underlying bullish theme and opens 3987.14 next, 2.00 projection of the Dec 21 - Jan 8 rally from the Jan 28 low.
  • In the FX space, EURUSD maintains a weaker tone. The focus is on 1.1695 next, 38.2% retracement of the Mar 2020 - Jan rally. The GBPUSD outlook remains bearish with scope for a move towards 1.3641, 38.2% of the Sep 23 - Feb 24 bull cycle. Resistance is at 1.3883, the former bull channel base drawn off the Nov 2 low. USDJPY remains bullish and is holding onto recent gains. The focus is on 111.30 next, Mar 26, 2020 high.
  • On the commodity front:
    • Gold remains vulnerable despite yesterday's gains. The focus is on the key support at $1676.9, Mar 8 low and the bear trigger.
    • Brent (M1) key directional triggers are:
      • Resistance at $65.39, Mar 29 high and key support at $60.33, Mar 23 low and the bear trigger
    • WTI (K1) directional triggers are:
      • Resistance at $62.27, Mar 30 high and support at $57.25, Mar 23 low and the bear trigger
  • In the FI space, Bunds (M1) remain vulnerable. Key support to watch is at 170.52, Mar 18 low. The key support and bear trigger in Gilts (M1) is at 126.79, Mar 18 low. Treasuries traded to fresh trend lows Tuesday. The focus is on 130-07, Feb 2, 2020 low and the psychological 130-00 handle.
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