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

CBI Retail Sales Fell Faster Than Expected For The Second Month

MNI: UK CBI JUL DIST TRADE REPORTED SALES -43

MNI: UK BOE JUN MORTGAGE APPROVALS 59,976

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

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Trend Direction Remains Down

EURUSD TECHS
  • RES 4: 1.1007 High May 10
  • RES 3: 1.0905 High May 16
  • RES 2: 1.0829 50-day EMA values
  • RES 1: 1.0789 20-day EMA
  • PRICE: 1.0688 @ 16:24 BST Jun 6
  • SUP 1: 1.0667/35 Low Jun 6 / Low May 31 and the bear trigger
  • SUP 2: 1.0608 Low Mar 17
  • SUP 3: 1.0551 Low Mar 16
  • SUP 4: 1.0516 Low Mar 15 and a key support

EURUSD short-term gains are considered corrective and the downtrend remains intact. Fresh trend lows last week reinforce bearish conditions and price continues to trade below the 20- and 50-day EMAs. Note too that 1.0653 has been breached, 76.4% of the Mar 15 - Apr 26 rally and this opens 1.0551, the Mar 16 low. A firm resistance is seen at 1.0789, the 20-day EMA. A break of this average would ease bearish pressure.

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