MNI China Daily Summary: Tuesday, July 30

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: EUROZONE Q2 PRELIM FLASH GDP +0.6% Y/Y

MNI: EUROZONE Q2 FLASH GDP +0.3% Q/Q

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

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

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(U3) Remains Above Tuesday’s Low

BUND TECHS
  • RES 4: 136.97 High Apr 6
  • RES 3: 136.50 High May 11
  • RES 2: 135.85 High Jun 1 and key short-term resistance
  • RES 1: 134.95 High Jun 6
  • PRICE: 134.63 @ 05:21 BST Jun 7
  • SUP 1: 133.82 Low Jun 6
  • SUP 2: 133.45 Low May 30
  • SUP 3: 133.00 76.4%retracement of the May 26 - Jun 1 rally
  • SUP 4: 132.12 Low May 26 and key support

Bund futures have recovered from Tuesday’s low. The initial recovery yesterday did appear to be an early indication that the recent pullback was over and that a S/T bullish theme had returned. However, price needs to break yesterday’s 134.95 high to signal scope for a climb to key short-term resistance at 135.85, the Jun 1 high. Clearance of this level would be bullish. A breach of yesterday’s 133.82 low would instead be a bearish development.

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