MNI China Daily Summary: Wednesday, July 10

MNI BRIEF: China To Investigate EU Trade Actions

MNI BRIEF: China June CPI Hits Three Month Low

MNI: PBOC Conducts CNY2 Bln Via OMO Weds; Liquidity Unchanged

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

MNI: PBOC Sets Yuan Parity Higher At 7.1342 Weds; -0.53% Y/Y

US EIA: CRUDE OIL STOCKS EX SPR -3.44M TO 445.1M JUL 05 WK

MNI:US MAY WHOLESALE INV 0.6%; SALES 0.4%

MNI: US MBA: MARKET COMPOSITE -0.2% SA THRU JUL 05 WK

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) Gains Considered Corrective

BUND TECHS
  • RES 4: 131.33 76.4% retracement of the Sep 1 - Oct 4 downleg
  • RES 3: 130.43 61.8% retracement of the Sep 1 - Oct 4 downleg
  • RES 2: 130.20 High Oct 12 and a bull trigger
  • RES 1: 128.63/129.61 20- and 50-day EMA values
  • PRICE: 128.38 @ 05:20 BST Oct 24
  • SUP 1: 127.18 Low Oct 23
  • SUP 2: 126.62 Low Oct 4 and the bear trigger
  • SUP 3: 126.00 Round number support
  • SUP 4: 125.49 0.764 proj of the Sep 1 - Oct 4 - Oct 12 price swing

Bund futures remain soft following last week’s move lower and short-term gains are considered corrective. The pullback from 130.20, the Oct 12 high, highlights the end of the recent correction between Oct 4 - 12. Note that the M/T trend direction is down and moving average studies continue to reflect this. An extension lower would open 126.62, the Oct 4 low and bear trigger. Key short-term resistance and the bull trigger has been defined at 130.20.

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