MNI: POWELL SAYS PCE INFLATION CAME IN LINE WITH EXPECTATIONS

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

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

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TECHS: Price Signal Summary - USD Extends Gains

MARKET INSIGHT
  • Equity indices outlook is unchanged and the broader trend remains up with recent weakness considered a correction. E-mini S&P futures have managed so far to find support at the 50-day EMA.
    • Key S/T support has been defined at 3785.00, Friday's low. A break would trigger a deeper sell-off.
  • In the FX space, EURUSD is softer following a reversal from last week's 1.2243 high on Feb 25. A shooting star candle Thursday followed by a bearish engulfing candle Friday does not bode well for bulls. Watch key near-term support at 1.2023, Feb 17 low. USDJPY uptrend remains clearly intact with the focus on a climb towards 106.95, Aug 28, 2020 high.
  • On the commodity front, Gold remains in a clear downtrend following last week's move through $1760.67, Feb 19 low. Gains are likely a correction. Resistance is at $1775.9, Feb 26 high. The focus is on $1700.0. Oil contracts remain firm although bulls have paused for breath. Brent (K1) targets the $70.00 psychological handle. WTI (J1) targets the round number resistance at $65.00.
  • In the FI space, Bunds ended last week on a volatile note. The trend condition is oversold. Gains are considered corrective and firm resistance is seen at 175.12, the 20-day EMA. Gilts (M1) remains bearish. Scope is for a move towards the 127.00 handle. Resistance seen at 129.00, Feb 24 high and a key near-term resistance. The bear trigger in Treasuries is 131-31, Feb 25 low. The outlook remains bearish and targets 130-31, 76.4% of the Dec 2019 - Mar 2020 rally (cont).
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