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CNH Lags Broader USD Sell-off, PSL Lending Up In January

CNH

USD/CNH edged closer to 7.2000 post the Asia close on Thursday, but couldn't breach 7.1975. The pair fell lower in US trade on Thursday, with some help from broader USD weakness, and we track near 7.1880 in early Friday trade. Once again, the net change in CNH was minimal for the session as whole. This left CNH underperforming the BBDXY fall of nearly 0.50%. USD/CNY finished up at 7.1805, while the CNY NEER (J.P. Morgan index) fell 0.09% to 123.88.

  • USD/CNH remains within recent ranges, note the 100-day EMA at 7.1980 may be offering upside resistance (the simple 200-day is nearby as well, just under 7.2000), the 200-day EMA sits south at 7.1670.
  • Local equities finished off highs yesterday. To recap, the CSI 300 edged marginally higher, while the Shanghai Composite fell 0.64%. Comments from the Vice FinMin aided sentiment yesterday around the tech space and broader fiscal support for domestic demand.
  • Late news yesterday saw the PBoC's Pledged Supplemental Lending program rise for Jan, which may lend support to sentiment today (see this BBG link).
  • In US trade, the Golden Dragon index rose 1.38%, its first gain in 6 sessions.
  • The local data is empty today, with Monday seeing the Caixin services and composite PMIs out.
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