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CNH Can't Sustain Early Gains, Equity Weakness A Headwind

CNH

USD/CNH saw little follow through to earlier downside momentum. Session lows were seen at 7.3028, which came not long after the CNY fixing outcome. We now track back near 7.3130, slightly above opening levels. These moves keep us within recent ranges. The simple 50-day MA comes in around 7.3055, with moves sub this level supported in recent months.

  • Headlines have crossed (RTRS) that US and China had held the first Economic Working Group meeting (virtually). Both domestic and global economic issues were discussed, but details appear fairly limited at this stage. This comes ahead of China's Foreign Minister travelling to the US later this week (26-28th of October).
  • Headwinds are evident in the equity space for CNH. Returning Hong Kong markets have seen a sharp drop, with the HSI down by 1.7% at this stage. Weakness in property related stocks continues to weigh.
  • Earlier gains for mainland shares have not been sustained either. The CSI 300 is back to around -0.20%. SOEs will reportedly look to boost sentiment via share buy backs (see this link) and we also had reports from yesterday of the sovereign wealth fund buying local ETFs.
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