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FOREX: CNH, CNY rallies as PBOC signal action if USD/CNY nears 7.00
-While the greenback trades in minor negative territory in the closing stages of
US trade Tuesday, it's come well off the lower levels and has been convincingly
outperformed by the CNH, which started the European session strong and
solidified the gains as MNI sources reported the PBOC may "vigorously defend the
Yuan if USD/CNY nears 7.00". The news pressed USD/CNH down to lows of Cnh6.8248,
equalling yesterday's poorest levels.
-In G10, NOK and CAD sit at opposite ends of the table despite their common
commodity links as stellar Norwegian industrial production numbers pressed
EUR/NOK below the 50-dma at Nok9.4972. USD/CAD, meanwhile, trades at a one-week
high as traders eye the 55-dma at C$1.3094 for the next leg higher.
-Elsewhere, most other G10 FX traded inside recent ranges with little data or
speakers throughout the session. Nonetheless, GBP underperformed for a second
session, re-approaching YTD lows.
-Data Wednesday is few and far between but central bank events see a speech from
Fed's Barkin and the RBNZ rate decision late US (Weds)/early Asia(Thurs).