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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(V2) Support Remains Exposed

BRENT TECHS
  • RES 4: $115.31- High Jun 17
  • RES 3: $112.92 - High Jun 29 and a key resistance
  • RES 2: $110.72 - High Jul 5
  • RES 1: $106.50 - High Jul 29 and key short-term resistance
  • PRICE: $100.54 @ 07:01 BST Aug 3
  • SUP 1: $96.70 - Low Jul 25 and key S/T support
  • SUP 2: $94.37/91.22 - Low Jul 15 / Low Jul 14 and the bear trigger
  • SUP 3: $90.00 - Round number support
  • SUP 4: $88.31 - Low Mar 9 and a key support

Brent futures are unchanged. The contract traded lower Monday, extending the pullback from Friday’s $106.50 high. This highlights a failed attempt at breaching the 50-day EMA - a key pivot resistance. The EMA intersects at $103.35. This move lower also highlights a potential reversal of the Jul 14 - 29 bull cycle, and has exposed support at $96.70, Jul 25 low. Key resistance has been defined at $106.50.

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