MNI China Daily Summary: Friday, June 28

MNI BRIEF: PBOC Pledges to Curb Any Overshoot Of The Yuan: MPC

MNI: PBOC Net Injects CNY40 Bln Via OMO Fri; Rates Unchanged

CHINA PBOC CONDUCTS CNY50 BILLION VIA 7-DAY REVERSE REPOS FRI

MNI: PBOC Sets Yuan Parity Lower At 7.1268 Fri; -0.32% Y/Y

CHINA SETS YUAN CENTRAL PARITY AT 7.1268 FRI VS 7.1270

Inflation Slowed in June, Shaking Off May Hotel Price Jump

Broad-based Deceleration In June Core Metrics

MNI: ITALY JUN FLASH HICP +0.2% M/M, +0.9% % Y/Y; MAY +0.8% Y/Y

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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(X3) Remains Above Support At The 20-Day EMA

BRENT TECHS
  • RES 4: $100.50 - 1.00 proj of Jun 23 - Aug 10 - Aug 24 price swing
  • RES 3: $100.00 - Key psychological round number
  • RES 2: $96.95 - High Nov 14 2022 (cont)
  • RES 1: $95.96 - High Sep 19
  • PRICE: $94.90 @ 07:04 BST Sep 27
  • SUP 1: $91.39 - 20-day EMA
  • SUP 2: $87.34 - 50-day EMA
  • SUP 3: $81.61 - Low Aug 24
  • SUP 4: $77.84 - Low Jul 17

The uptrend in Brent futures remains intact and the bounce from Tuesday’s low signals a possible early resumption of the uptrend following a relatively shallow correction. Key short-term support at the 20-day EMA, which intersects at $91.39, remains intact. A break of this average would signal scope for a deeper retracement. On the upside, a move above $95.96 would confirm a resumption of the uptrend.

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