MNI BRIEF: China To Step Up Macroeconomic Policies - Politburo

MNI: PBOC Net Drains CNY51.03 Bln via OMO Tuesday

MNI: PBOC Sets Yuan Parity Higher At 7.1364 Tues; -1.28% Y/Y

CHINA PBOC CONDUCTS CNY216.27 BILLION VIA 7-DAY REVERSE REPOS TUES

CHINA SETS YUAN CENTRAL PARITY AT 7.1364 TUES VS 7.1316

MNI China Daily Summary: Monday, July 29

MNI: EUROZONE Q2 PRELIM FLASH GDP +0.6% Y/Y

MNI: EUROZONE Q2 FLASH GDP +0.3% Q/Q

MNI: NORTH RHINE WESTPHALIA CPI +0.3% M/M, +2.3% Y/Y

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

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TECHS: Price Signal Summary - Equity Space Bullish Sentiment Intact

MARKET INSIGHT
  • In the equity space:
    • S&P E-minis have traded higher again today with a print just above 4100.00. The next objective is 4124.75, 1.382 projection of the Feb 1 - Feb 16 - Mar 4 price swing.
    • EUROSTOXX 50 maintains a bullish tone with the focus on 4000.00. A break would open 4047.72, 2.236 projection of the Dec 21 - Jan 8 - Jan 28 price swing.
  • In the FX world, EURUSD maintains a short-term bullish tone. The focus is on 1.1940, the 50-day EMA and a key resistance area. A clear break is required to suggest scope for an extension higher. The GBPUSD outlook remains bearish. Recent gains have stalled at the former bull channel base drawn off the Nov 2 low. Resistance has been defined at 1.3919, Apr 6 high. The key support to watch and bear trigger is 1.3670, Mar 25 low. EURGBP remains bullish. The price pattern on Apr 6 was a bullish engulfing candle. This exposed the next key resistance zone at 0.8646, Mar 24 high and S/T reversal trigger and 0.8653, 50-day EMA. Both have been breached and this opens 0.8731, Feb 26 high. USDJPY traded lower yesterday as the corrective cycle extends. Support at 109.35, the 20-day EMA has been probed. A clear break would open 109.13, Mar 26 low.
  • On the commodity front:
    • Gold is holding onto recent gains. Key resistance at $1755.5, Mar 18 high has been probed. The yellow metal also needs to clear $1759.8, the 50-day EMA to suggest scope for a stronger bounce.
    • Brent (M1) key directional triggers are unchanged with:
      • 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 despite recent gains. Key support to watch is at 170.52, Mar 18 low. Key resistance remains 172.66, Mar 25 high. The key support and bear trigger in Gilts (M1) is unchanged at 126.79, Mar 18 low. Recent price action in BTP futures have defined resistance at 150.39, Mar 11 high and support at 148.36, Mar 18 low as key short-term directional triggers.
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