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) Downtrend Extends

BTP TECHS
  • RES 4: 116.86 High Jul 24 (cont)
  • RES 3: 115.56 High Aug 24 and a bull trigger
  • RES 2: 113.84 High Sep 14
  • RES 1: 112.18/112.52 20-day EMA / High Sep 20 and key resistance
  • PRICE: 109.68 @ Close Sep 27
  • SUP 1: 109.40 Low Sep 27
  • SUP 2: 109.18 4.00 proj of the Aug 24 - 28 - 31 price swing
  • SUP 3: 108.36 Low Dec 30 2022 (cont)
  • SUP 4: 108.13 Low Sep 28 ‘22 (cont) and major support

The Sep 15 sharp sell-off in BTP futures cancelled a recent bullish threat and the continuation lower this week has confirmed a resumption of the downtrend. The 110.00 handle has been breached and the break has opened 109.18, a Fibonacci projection. Key short-term resistance has been defined at 112.52, the Sep 20 high. A break would highlight a possible base. Initial firm resistance is at 112.18, the 20-day EMA.

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