MNI China Daily Summary: Tuesday, July 30

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: 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: (Z0) Attention Remains On Support

BTPS
  • RES 4: 147.00 Round number resistance
  • RES 3: 146.62 High Jul 24
  • RES 2: 146.21 High Aug 19 and a bull trigger
  • RES 1: 146.19 High Sep 4
  • PRICE: 145.04 @ Close Sep 9
  • SUP 1: 144.46 Low Sep 8
  • SUP 2: 144.09 Low Sep1 and the bear trigger
  • SUP 3: 144.07 1.00 proj of Aug 19 - Sep sell-off from Sep 3 high
  • SUP 4: 144.0 Round number support

BTP futures continue to trade below last week's high print of 146.19 on Sep. The recent move lower though refocuses attention on support at 144.09, Sep 1 low and the near-term bear trigger. A break would signal scope for a deeper correction. On the upside, key resistance is located at 146.21, Aug 19 high and a high print of 146.62 on Jul 24. Clearance of this zone would resume the uptrend.

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