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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(Z3) Bears Remain In The Driver’s Seat

US 10YR FUTURE TECHS
  • RES 4: 111-12+ High Sep 1 key resistance
  • RES 3: 110-26 50-day EMA
  • RES 2: 110-07+ High Sep14
  • RES 1: 109-03/109-25+ Low Sep 13 / 20-day EMA
  • PRICE: 108-14 @ 11:12 BST Sep 22
  • SUP 1: 108-16 Low Sep 21
  • SUP 2: 108-00 Round number support
  • SUP 3: 107.23 1.236 proj of the Jul 18 - Aug 4 - Aug 10 price swing
  • SUP 4: 107-05+ 1.382 proj of the Jul 18 - Aug 4 - Aug 10 price swing

Treasuries maintain a softer tone and gains are considered corrective. This week’s move down has resulted in a breach of 109-03, the Sep 13 / 19 low. The move below 109-03 cancels a recent reversal signal - a hammer candle on Sep 13, and this reinforces a bearish theme. A continuation lower would open 108-00 and 107-23, the 1.236 projection of the Jul 18 - Aug 4 - Aug 10 price swing. Key S/T resistance has been defined at 110-07+, Sep 14 high.

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