MNI China Daily Summary: Thursday, August 1

MNI: BOE VOTES 5-4 FOR 25 BPS RATE CUT AT AUG MEETING

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MNI BRIEF: CNB Cuts 2W Repo Rate By 25Bps To 4.5%

MNI BRIEF: Japan Q2 GDP To Rise 0.5% Q/Q; 2.2% Annualised

MNI BRIEF: China Retains Ample Policy Space In H2 – NDRC

MNI: US Q2 PREL UNIT LABOR COSTS +0.9% VS Q1 +3.8%; Y/Y +0.5%

MNI: US JOBLESS CLAIMS +14K TO 249K IN JUL 27 WK

VDMA Factory Orders Remain Weak in June

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

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(U1) Tests Key Resistance

GILT TECHS
  • RES 4: 129.19 1.382 proj of the May 13 - 26 - Jun 3 price swing
  • RES 3: 128.92 1.236 proj of the May 13 - 26 - Jun 3 price swing
  • RES 2: 128.50 1.00 proj of the May 13 - 26 - Jun 3 price swing
  • RES 1: 128.39 High Jun 11 and the bull trigger plus the intraday high
  • PRICE: 128.32 @ Close Jul 2
  • SUP 1: 127.67 20-day EMA
  • SUP 2: 127.25/126.91 Low Jun 10
  • SUP 3: 126.70 Low Jun 23 / Low Jun 3 and key near-term support
  • SUP 4: 126.55 Low May 21

Gilt futures have traded higher this morning. This has resulted in a test of key short-term resistance at 128.39, Jun 11 high. A break would represent a key short-term bullish development and signal a resumption of the uptrend that started May 13. Furthermore, a move higher would maintain a bullish price sequence of higher highs and higher lows. This would open 128.50 and 128.92, Fibonacci projections. Initial support is at 127.67, the 20-day EMA.

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