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CNH: Eases Off

EUR

EUR/CNH has shed ~75 pips but remains trapped within yesterday's range. The rate last sits at CNH7.9928 after failing to make much headway beyond Dec 22 cycle high during Wednesday's rally.

  • The redback has been happy to shrug off official PMI readings released out of China, which narrowly missed expectations but remained in expansionary territory.
  • In a Rheinische Post interview, ECB's Weidmann warned Eurozone governments that they shouldn't expect the ECB to keep interest rates low forever.
  • Weidmann's remarks hit the wires the day after his colleague Olli Rehn told Boersen-Zeitung that the ECB is closely monitoring EUR appreciation.
  • The key bearish target is provided by the 38.2% retracement of the Nov 18 - Dec 30 rally/Dec 25 low at CNH7.9131/05. A break here would prompt bears to target channel support at CNH7.8991. Conversely, a clearance of Dec 30 high of CNH8.0114 would allow bulls to take aim at the 50% recovery of the Jul 31 - Nov 18 slide/channel resistance at CNH8.0399/8.0428.
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