AUDUSD TECHS

Opens Gap With Recent Highs

EURJPY TECHS

Breaks Through Channel Base

USDJPY TECHS

Attention Remains On The Bear Channel Top

EURGBP TECHS

Approaching Key Support

GBPUSD TECHS

Pulls Back From Key Resistance

EURUSD TECHS

Sell-Off Extends

CHINA PRESS
CHINA PRESS: The targeted reserve requirement ratio cut, launched today, will
not inject as much liquidity as the market expected as some banks, including
some state-owned big banks, are not qualified, reported the Financial News, a
journal run by the PBOC, citing analysts. The effects of the reduction in target
reserves will be temporary. It will inject about CNY300-380 billion, compared
with market predictions of CNY500 billion.
Comment: The authorities do not want to show any sign of easing their neutral
stance on monetary policy. Some market players have started to question PBOC's
excess liquidity injections, as it seems to contradict the neutral stance of the
policy. This report should ease these concerns.