MNI China Daily Summary: Wednesday, July 10

MNI BRIEF: China To Investigate EU Trade Actions

MNI BRIEF: China June CPI Hits Three Month Low

MNI: PBOC Conducts CNY2 Bln Via OMO Weds; Liquidity Unchanged

CHINA PBOC CONDUCTS CNY2 BILLION VIA 7-DAY REVERSE REPOS WEDS

MNI: PBOC Sets Yuan Parity Higher At 7.1342 Weds; -0.53% Y/Y

MNI: US MBA: MARKET COMPOSITE -0.2% SA THRU JUL 05 WK

US MBA: REFIS -2% SA; PURCH INDEX +1% SA THRU JULY 5 WK

Indeed Wages Tick Higher, But Future Revisions Are Likely

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

MNI BRIEF: Poilievre Calls QE 'Scam' And Would Limit BOC Remit

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(X20): Holding Onto Recent Gains

BRENT TECHS
  • RES 4: $46.61 - High Aug 5 and key resistance
  • RES 3: $44.83 - 76.4% retracement of the Aug 26 - Sep 14 low
  • RES 2: $44.65 - High Sep 3
  • RES 1: $43.80 - High Sep 18
  • PRICE: $42.98 @ 06:26 BST Sep 21
  • SUP 1: $41.50 - Sep 17 low
  • SUP 2: $40.59 - Low Sep 16
  • SUP 3: $39.25 - 38.2% retracement of the Apr - Aug rally
  • SUP 4: $37.94 - Low Jun 12

Brent futures rallied last week and are holding onto gains. A firmer tone is maintained having recently managed to hold above a key retracement level at $39.25, 38.2% of the Apr - Aug rally. Futures last week cleared resistance at $42.23, Sep 8 high. Price has also cleared the 50-day EMA. The focus is on $44.83, a Fibonacci retracement. On the downside, support is seen at $41.50, Sep 17 low.

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