MNI China Daily Summary: Friday, September 6

MNI BRIEF: China To Address Consumption In Next Five-year Plan

MNI: PBOC Net Injects CNY111.4 Bln via OMO Friday

CHINA PBOC CONDUCTS CNY141.5 BLN VIA 7-DAY REVERSE REPOS FRI

MNI: PBOC Sets Yuan Parity Lower At 7.0925 Fri; +2.94% Y/Y

CHINA SETS YUAN CENTRAL PARITY AT 7.0925 FRI VS 7.0989

MNI: EUROZONE Q2 GDP +0.2% Q/Q, +0.6% Y/Y

MNI: FRANCE JUL INDUSTRIAL PRODUCTION -0.5% M/M, -2.2% Y/Y

MNI: GERMANY JUL EXPORTS +1.7% M/M; IMPORTS +5.4% M/M

AUSTRALIA: Albanese Lines Up Budget for May Election

AUSTRALIA: Albanese Lines Up Budget for May Election

UK: Week Ahead

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Watching Support

USDCAD TECHS
  • RES 4: 1.2964 High Dec 20 and the bull trigger
  • RES 3: 1.2924 High Dec 22
  • RES 2: 1.2848 High Dec 27 and a key near-term resistance
  • RES 1: 1.2748/2814 20-day EMA / High Jan 6
  • PRICE: 1.2651 @ 06:46 GMT Jan 10
  • SUP 1: 1.2632/2621 Low Jan 7 / Low Dec 31 and the bear trigger
  • SUP 2: 1.2608 Low Dec 8 and key support
  • SUP 3: 1.2585 Low Nov 19
  • SUP 4: 1.2546 Low 61.8% retracement of the Oct - Dec rally

USDCAD traded sharply lower Friday. A key short-term support lies at 1.2621, the Dec 31 low. The short-term outlook remains bullish despite the recent sell-off and while 1.2621 holds. This keeps alive a bullish engulfing candle on Jan 3 that highlights a potential base and signals scope for a climb towards 1.2848, Dec 27 high and a key near-term resistance. Sub 1.2621 levels would cancel the reversal pattern and instead open 1.2608, Dec 8 low.

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