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Offshore Yuan Gains, Will It Snap Losing Streak?

CNH

Spot USD/CNH consolidates after an impulsive rally observed over the last week or so. The rate has shed ~40 pips thus far, which puts it on track to snap a six-day winning streak.

  • China President Xi told officials that "all out" efforts must be made to boost infrastructure spending. These comments came as China is leaning towards providing increased support to the economy battered by the spreading outbreak of Covid-19 and draconian lockdown measures.
  • China's industrial profits grew 8.5% Y/Y in the first quarter, latest data showed. The National Bureau of Statistics did not provide data for the month of March alone.
  • PBOC fix fell in line with expectations, the 2 pips divergence with sell-side expectations was negligible.
  • Spot USD/CNH trades at CNH6.5855 at typing, with bears looking for sales past Jul 27, 2021 high of CNH6.5287. Bulls need a jump above Apr 25 high of CNH6.6092 to regain the upper hand.
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