MNI China Daily Summary: Monday, July 1

MNI BRIEF: PBOC To Borrow CGBs In Response To Market Situation

MNI BRIEF: Caixin June Manufacturing PMI Hits Three-year High

MNI: PBOC Net Drains CNY48 Bln Via OMO Mon; Rates Unchanged

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

MNI: US MAY CONSTRUCT SPENDING -0.1%

MNI: US ISM JUN MANUF PURCHASING MANAGERS INDEX 48.5

US JUNE MANUFACTURING PMI 51.6 (51.7 FLASH, 51.3 MAY)

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) Bull Cycle Remains In Play

BOBL TECHS
  • RES 4: 117.751 1.618 proj of the Sep 28 - Oct 10 - 19 price swing
  • RES 3: 117.610 High Sep 1 and a key resistance
  • RES 2: 117.369 1.382 proj of the Sep 28 - Oct 10 - 19 price swing
  • RES 1: 117.230 High Nov 17
  • PRICE: 116.790 @ 05:32 GMT Nov 23
  • SUP 1: 116.509/000 20-day EMA / Low Nov 13
  • SUP 2: 115.850 Low Oct 27
  • SUP 3: 115.480/130 Low Oct 26 / 19
  • SUP 4: 114.880 Low Sep 28 and the bear trigger

A bull cycle in Bobl futures remains in play and the pullback from last week’s high is considered corrective. Recent gains signal a resumption of the uptrend and resistance at 116.940, the Nov 3 high, has been cleared. The break of this hurdle paves the way for a climb towards 117.610, the Sep 1 high and a key resistance. Initial support lies at 116.509, the 20-day EMA. Key support has been defined at 116.00, the Nov 3 low.

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