MNI China Daily Summary: Tuesday, July 23

MNI: PBOC Net Drains CNY408.7 Bln Via OMO Tues

MNI: PBOC Sets Yuan Parity Lower At 7.1334 Tues; -1.30% Y/Y

CHINA PBOC CONDUCTS CNY267.3 BILLION VIA 7-DAY REVERSE REPOS TUES

CHINA SETS YUAN CENTRAL PARITY AT 7.1334 TUES VS 7.1335

MNI PBOC WATCH: PBOC Cuts 7-Day Rate As Reconfigures Framework

EZ/UK T-Bill Calendar: 3/6-Month RATB Auction on Tuesday

EZ/UK Bond Supply Calendar: UK, Germany Auction on Tuesday

Philippine's FinSec Open To Rate Cuts, Front-End Yields Lower

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

© 1982-2024 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

WTI Futures Hover Around Bear Trigger, Trend Outlook Remains Unchanged

COMMODITIES
  • Following a volatile session, Crude futures are now trading down on the day, with the stronger US dollar and concerns on the demand outlook weighing against remarks from Russian officials that OPEC+ was prepared to deepen cuts in Q1. Russia’s Deputy PM said that OPEC+ was ready for further cuts in Q1, in line with the Saudi Energy Minister’s comments yesterday.
  • The trend outlook for WTI futures is unchanged, it remains bearish and the move lower from last Thursday’s high, reinforces this set-up. On the downside, sights are on the bear trigger at $72.37, the Nov 16 low which was briefly pierced today. Clearance of this level would confirm a resumption of the downtrend and would target $70.96, a Fibonacci retracement point.
  • The firmer dollar also weighed on precious metals with spot gold extending the pullback from Monday’s fresh all-time highs. While the overall price action signals potential for a climb towards 2177.58 next, a Fibonacci projection, price action conveys a short-term pullback, which should be considered corrective - for now. Initial support is $2004.1, the 20-day EMA.
  • A similar story for silver, falling 1.4% on Tuesday, which appears to be unwinding an overbought condition. The next two key support levels to watch lie at $24.064 and $23.480, the 20- and 50-day EMAs.
Energy BulletsCommodities
Energy BulletsCommodities

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.