SCHATZ TECHS: (Z5) Bearish Trend Structure
Sep-24 05:29
* RES 4: 107.240 High Aug 4 * RES 3: 107.225 High Aug 27 and the bull trigger * RES 2: 107.145/190 H...
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GBPUSD TECHS: Bullish Engulfing Candle
Aug-25 05:26
- RES 4: 1.3753 High High Jul 2
- RES 3: 1.3681 High Jul 4
- RES 2: 1.3636 76.4% retracement of the Jul 1 - Aug1 downleg
- RES 1: 1.3544/3595 High Aug 22 / 14
- PRICE: 1.3510 @ 06:26 BST Aug 25
- SUP 1: 1.3391 Low Aug 22
- SUP 2: 1.3315 61.8% retracement of the Aug 1 - 14 bull leg
- SUP 3: 1.3249 76.4% retracement of the Aug 1 - 14 bull leg
- SUP 4: 1.3142 Low Aug 1 and a key support
Strong gains on Friday in GBPUSD signals the end of the recent corrective phase - Friday’s reversal pattern is a bullish engulfing candle. An extension higher would refocus attention on the short-term bull trigger at 1.3595, the Aug 14 high. Clearance of this level would signal scope for a climb towards 1.3636, the 76.4% retracement of the bear leg between Jul 1 and Aug 1. Key short-term support has been defined at 1.3391, the Aug 22 low.
LOOK AHEAD: UK Timeline of Key Events (Times BST)
Aug-25 05:23
| Date | Time | Period | Event |
| 26-Aug | 0001 | Aug | BRC Monthly Shop Price Index |
| 26-Aug | ---- | --- | DMO to hold FQ3 consultations with investors / GEMMs |
| 26-Aug | 1500 | --- | BOE Mann at Banxico Conference (Text release) |
| 27-Aug | 1100 | Aug | CBI Distributive Trades |
| 29-Aug | 0730 | --- | DMO to release FQ3 (Oct-Dec) issuance ops calendar |
| 01-Sep | 0930 | Jul/Aug | BOE Lending to Individuals / M4 / S&P Manuf PMI (f) |
| 03-Sep | 0830 | --- | BOE Mann at Signum's London Westminster Day roundtable |
| 03-Sep | 0915 | --- | BOE Breeden at Money and Payments Conference |
| 03-Sep | 0930 | Aug | S&P Global Services / Composite PMI (Final) |
| 04-Sep | 0930 | Aug | BOE Decision Maker Panel data / S&P Construction PMI |
| 05-Sep | 0700 | Jul | Retail Sales |
| 08-Sep | 0001 | --- | KPMG / REC Report on Jobs |
| 09-Sep | 0001 | Aug | BRC-KPMG Shop Sales Monitor |
| 12-Sep | 0700 | Jul | GDP / Services / Production / Trade / Construction |
| 12-Sep | 0930 | Aug | Bank of England/Ipsos Inflation Attitudes Survey |
| 16-Sep | 0700 | Aug | Labour Market Survey |
| 17-Sep | 0700 | Aug | Consumer inflation report |
CHINA: Country Wrap: Innovation Key to Growth Drivers
Aug-25 05:18
- China dialed up its injection of longer term liquidity into its financial system in a move that’s likely intended at easing the selloff in bonds and ensuring adequate funding for the flailing economy. The People’s Bank of China added a net 600 billion yuan ($84 billion) via its one-year medium-term facility as well as three and six-month outright reverse repos this month, the most since January, as per Bloomberg calculations. China’s overnight money market rate fell while bond futures rose in response to the move. (source BBG)
- China's commitment to cultivating new quality productive forces through scientific and technological innovation, as reiterated by President Xi Jinping, will help the country gain a competitive edge in strategic emerging fields and tech frontiers, and contribute to global economic growth, said experts and company executives. Highlighting that fostering new growth drivers has been high on China's development agenda, they called for accelerated efforts to achieve breakthroughs in crucial technologies by investing more in fundamental research, reinforcing the dominant position of enterprises in boosting technological advancements, and intensifying financial support for innovation-oriented tech companies. (source China Daily)
- The major bourses are kicking off the week with a strong rally. The HSI is up +2%, CSI 300 +1.4%, Shanghai +0.86% and Shenzhen +1.2%.
- Yuan Reference Rate at 7.1161 Per USD; Estimate 7.1527
- Bonds are performing well today with the CGB10yr down -1.5bp at 1.77% after the PBOC injection.
