MNI China Daily Summary: Monday, July 29

MNI: China CFETS Yuan Index Up 0.15% In Week of Jul 26

MNI: PBOC Net Injects CNY243.37 Bln via OMO Monday

MNI: PBOC Sets Yuan Parity Higher At 7.1316 Mon; -1.56% Y/Y

CHINA PBOC CONDUCTS CNY301.57 BILLION VIA 7-DAY REVERSE REPOS MON

CHINA SETS YUAN CENTRAL PARITY AT 7.1316 MON VS 7.1270

CBI Retail Sales Fell Faster Than Expected For The Second Month

MNI: UK CBI JUL DIST TRADE REPORTED SALES -43

MNI: UK BOE JUN MORTGAGE APPROVALS 59,976

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

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TECHS: Price Signal Summary - USD Bounce A Correction?

MARKET INSIGHT
  • Bunds (H1) remain soft following this week's sell-off. Watch support at 177.01, Dec 23 low. A break would trigger deeper losses. 177.85, yesterday's high is the first resistance.
  • Gilts (H1) traded through support at 134.89, Dec 30 low. Attention turns to 134.47, 76.4% of the Dec 24 - Jan 4 rally
  • Treasuries (H1) remain on the back foot having breached key support at 137.07+, Dec 4 low. From a technical standpoint, this opens 137.00 and more importantly 136.26+, Nov 11 low.
  • In the equity space, the trend in the E-Mini S&P, remains bullish with the focus on 3800.00 next and 3819.10, 1.764 projection of Sep 24 - Oct 12 rally from Oct 30 low.
  • On the commodity front, Gold remains in an uptrend despite yesterday's sell-off. Key resistance is at $1965.6, Nov 9 high. Watch support at $1900.9, yesterday's low. Both Brent and WTI continue to extend gains. Brent (H1) has potential for $55.14 next, the 1.382 projection of the Nov 13 - 26 rally from Dec 2 low. WTI (G1) targets $52.11, 1.00 projection of Apr - Aug rally from the Nov 2 low.
  • In FX , the USD remains weak although it has found some support this morning. The EURUSD upside objective remains 1.2380, 2.00 projection of the Nov 4 - 9 rally from the Nov 11 low. Support lies at 1.2209/04, Dec 31 low and the 20-day EMA. USDJPY targets 102.02, Mar 10 low following this week's fresh low prints. For now though, and with price through the 20-day EMA, the risk is for a climb towards 103.90, Dec 28 high.
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