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CNH Defies Firmer USD, But Stage Set For Another Higher USD/CNY Fixing

CNH

CNH outperformed broader USD gains overnight. USD/CNH got close to 7.3540, before moving back sub 7.3300. We currently track just above this level. This came despite the near +1.50% rise in the DXY through yesterday's session. In turn this has seen the NEER rebound +0.38% (J.P. Morgan Index), although we are still down slightly on levels from the end of last week.

  • CNH saw some slight outperformance relative to further upside in UST yield momentum overnight, although the divergence is not large.
  • Onshore spot was at 7.3200 at 4:30pm yesterday, a fresh high for this cycle. Coupled with higher USD levels more broadly should bias the fixing outcome higher today (7.2472 yesterday).
  • Elsewhere, overnight the China Golden Dragon index rose a further 3.22%, the 3rd straight session of gains. Yesterday onshore equities faltered, but losses were modest.
  • Today's data calendar contains just Q3 current account data, which is unlikely to shift market sentiment. Note next Monday, October trade figures are due.
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