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CNH Firms, Aided By Equity Strength

CNH

USD/CNH is tracking lower in latest dealings, the pair back to 7.3000, around 0.20% below NY closing levels (lows were at 7.2984). The catalyst for the better tone appears to be improved equity market sentiment. The HSI is up 0.65%, with the tech index around 1% firmer, reversing earlier losses. Mainland stock indices are tracking higher as well, albeit more modestly, the CSI 300 +0.30%.

  • We haven't observed a fundamental catalyst for this shift, but it does follow fresh lows in some China stock indices going back to November last year.
  • For USD/CNH, lows from Wednesday came in just under 7.2900, in terms of a potential downside target that could be eyed.
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