INDONESIA: Country Wrap: Kalimantan Open to FDI
Aug-20 05:27
* Five Kalimantan provinces are preparing to offer investment partnerships for 15 strategic projec...
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GBPUSD TECHS: Bear Cycle Remains In Play
Jul-21 05:27
- RES 4: 1.3835 High Oct 20 2021
- RES 3: 1.3800 Round number resistance
- RES 2: 1.3681/3789 High Jul 04 / 01 and the bull trigger
- RES 1: 1.3519 20-day EMA
- PRICE: 1.3422 @ 06:26 BST Jul 21
- SUP 1: 1.3365 Low Jul 16
- SUP 2: 1.3335 Low May 20
- SUP 3: 1.3245 Low May 19
- SUP 4: 1.3144 38.2% retracement of the Jan 13 - Jul 1 bull cycle
A short-term bear cycle in GBPUSD remains in place and the pair continues to trade closer to its recent lows. Last week’s extension lower resulted in a breach of trendline support at 1.3470 - drawn from the Jan 13 low. The breach strengthens a bearish threat, exposing 1.3335 next, the May 20 low. On the upside, initial firm resistance to watch is 1.3519, the 20-day EMA. A clear break of this average is required to highlight a potential base.
LOOK AHEAD: UK Timeline of Key Events (Times BST)
Jul-21 05:23
| Date | UK | Period | Event |
| 22-Jul | 0700 | Jun | Public Sector Finances |
| 22-Jul | 1015 | ---- | BOE Bailey At TSC On FSR |
| 23-Jul | 0001 | Jun | Brightmine pay deals for whole economy |
| 24-Jul | 0930 | Jul | S&P Global Flash PMI |
| 24-Jul | 1100 | Jul | CBI Industrial Trends |
| 25-Jul | 0001 | Jul | Gfk Monthly Consumer Confidence |
| 25-Jul | 0700 | Jun | Retail Sales |
| 28-Jul | 1100 | Jul | CBI Distributive Trades |
| 29-Jul | 0001 | Jul | BRC Monthly Shop Price Index |
| 29-Jul | 0930 | Jun | BOE Lending to Individuals / M4 |
| 01-Aug | 0930 | Jul | S&P Global/ CIPS UK Final Manufacturing PMI |
| 05-Aug | 0930 | Jul | S&P Global/ CIPS UK Final Services PMI |
| 06-Aug | 0930 | Jul | S&P Global/CIPS Construction PMI |
| 07-Aug | 1200 | --- | Bank Of England Interest Rate |
| 07-Aug | 1230 | --- | BOE Press Conference |
| 07-Aug | 1400 | Jul | Decision Maker Panel data |
CHINA: Country Wrap: Scaling Back of USTs
Jul-21 05:21
- A news article from this morning indicates that a strategic move is beginning in China, that may have profound implications for the US and their fiscal position. China Daily reports that is is a 'strategic necessity' for the scaling back of holdings in US Treasuries, given the declining confidence in the dollar as the reserve global currency. The article states that China intends to pursue a more balanced, controllable allocation of FX reserves and likely to increase its holdings of non-dollar assets, including financial instruments of Asian trading partners. (source China Daily)
- Regulatory authorities in China are intensifying efforts to combat financial fraud, with a growing number of enforcement actions targeting information disclosure violations by listed companies, according to a report by the China Securities Journal Monday. Authorities are adopting a multi-pronged approach that includes penalizing both primary offenders and accomplices, while also leveraging civil penalties to strengthen deterrence: report (source BBG)
- China and Hong Kong markets are up around 0.25-0.30% so far today. The CSI 300 is building on recent positive momentum, with a weekend dam project approved aiding steel futures and iron ore prices, potentially providing some positive spill over. The index finished last week at fresh highs back to late last year. The HSI is off session highs, but still close to re-testing the 25000 level, which would be multi year highs back to 2022.
- Yuan Reference Rate at 7.1522 Per USD; Estimate 7.1786
- Bonds were slightly weaker today with the CGB 10yr +1bp at 1.67%
