MNI China Daily Summary: Wednesday, July 31

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CNH at best level since May 2019 against the USD

DOLLAR

More broad base USD selling in our early European session, and a continuation of the price action noted overnight.

  • AUD extends gains for a 4th day, and USD test low of the session against CHF, CNH, EUR, GBP, NOK, CAD, TRY, ZAR, CZK and PLN
  • NOK is also helped by the OIL price action with the currency testing high versus the SEK
  • Worth keeping an eye on CNH, as our Asian overnight team noted. CNH has benefitted like other currencies on the Hope of a US fiscal deal,
  • they added that bears saw Sep 16 cycle low of CNH6.7424 as their main near-term target, as a break here would confirm the resumption of a downtrend.
  • The pair is now well through that level, with China observing a Holiday, and you have to start looking at levels last traded in May 2019, and 6.7179 (01/05/19 low).
  • USDCNH is 6.7349
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