MNI China Daily Summary: Wednesday, June 19

MNI BRIEF: Rate Changes Affect Eurozone More Than US Firms-ECB

MNI BRIEF: BOJ May Real Export Index Drops 1.4% M/M

MNI BRIEF: PBOC, MOF To Promote Treasury Trades Progressively

MNI: PBOC Net Injects CNY276 Bln Via OMO Weds; Rates Unchanged

CHINA PBOC CONDUCTS CNY278 BILLION VIA 7-DAY REVERSE REPOS WEDS

MNI: US NAHB HOUSING MARKET INDEX 43 IN JUN

US MBA: REFIS -0.4% SA; PURCH INDEX +2% SA THRU JUNE 14 WK

MNI: US MBA: MARKET COMPOSITE +0.9% SA THRU JUN 14 WK

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

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

MNI: Growth Drag From Net Zero Carbon Goal Can Be Offset-OECD

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(Z3) Bull Cycle Remains In Play

GILT TECHS
  • RES 4: 99.73 Low Apr 19 (cont)
  • RES 3: 99.26 50.0% of the Mar 20 - Oct 23 downleg (cont)
  • RES 2: 98.98 High May 22 (cont)
  • RES 1: 97.99 High Nov 17
  • PRICE: 96.69 @ Close Nov 23
  • SUP 1: 95.93 Low Nov 15
  • SUP 2: 94.80/58 50-day EMA / Low Nov 13 and a key support
  • SUP 3: 93.44 Low Nov 2
  • SUP 4: 92.63 Low Nov 1

Gilt futures maintain a firmer tone and the contract is trading closer to its recent highs, despite yesterday’s move lower. Resistance at 96.71, the Sep 20 high, has recently been breached. This paves the way for a climb towards 98.98 next, the May 22 high on the continuation chart, and potentially 99.26, 50.0% of the Mar 20 - Oct 23 downleg (cont). On the downside, key short-term support has been defined at 94.58, the Nov 13 low.

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