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

MNI: UK CBI JUL DIST TRADE REPORTED SALES -43

MNI: UK BOE JUN MORTGAGE APPROVALS 59,976

MNI: UK JUN M4 MONEY SUPPLY +0.5% M/M, +1% Y/Y

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

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The cross has touched a high....>

EURO-STERLING TECHS
EURO-STERLING TECHS: The cross has touched a high of 0.8914 today. A broader
bullish puzzle is slowly coming together. Before long the cross could be back at
0.9000 and more importantly 0.9300: Key technical factors are:
- Early March gains through 0.8596, Jan 14 high confirmed an important price
swing and a potential M/T reversal.
- The cross last week held above this breakout level, a positive development and
this week's gains confirm a resumption of the uptrend.
- These recent developments are significant as they follow a failed attempt in
Dec and Feb to clear the base of a broad range that has dominated since Oct
2016. The range is defined by the 0.9305 / 0.8305 parameters.
- The reversal off the range base was confirmed by a double bottom price pattern
on Feb 28. The patterns objective of 0.8915 is now within reach.
- Key support has been defined at 0.8621, Mar 5 low.
- All signs point to a continued rally beyond 0.9000 and towards the range top.
- A pullback if seen, would likely represent a correction. See chart:
https://emedia.marketnews.com/marketnewsintl/EURGBPDOUBLEBOTTOM.png
Foreign Exchange Technical AnalysisMarketsForeign Exchange Bullets
Foreign Exchange Technical AnalysisMarketsForeign Exchange Bullets

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