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 China Daily Summary: Monday, July 29

MNI: NORTH RHINE WESTPHALIA CPI +0.3% M/M, +2.3% Y/Y

MNI: GERMANY Q2 FLASH GDP  -0.1% Q/Q (+0.1% FCST, +0.2% PRIOR)

MNI: ITALY Q2 FLASH GDP  +0.2% Q/Q (+0.2% FCST, +0.3% PRIOR)

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

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Trading Above The 50-Day EMA

EURUSD TECHS
  • RES 4: 1.0935 High May 12
  • RES 3: 1.0919 61.8% retracement of the Apr 26 - May 31 downleg
  • RES 2: 1.0905 High May 16
  • RES 1: 1.0865 50.0% retracement of the Apr 26 - May 31 downleg
  • PRICE: 1.0834 @ 14:15 BST Jun 14
  • SUP 1: 1.0733 Low Jun 12
  • SUP 2: 1.0667/35 Low Jun 6 / Low May 31 and the bear trigger
  • SUP 3: 1.0608 Low Mar 17
  • SUP 4: 1.0551 Low Mar 16

EURUSD is once again trading above resistance at 1.08511, the 50-day EMA, as the latest recovery extends. A clear break of the average would signal scope for an extension higher and open 1.0865, a Fibonacci retracement. Note that the trend condition remains bearish and the latest bounce still appears to be a correction. Initial firm support is at 1.0733, the Jun 12 low. Key support lies at 1.0635, May 31 low and is the bear trigger.

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