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CNH Rebound Falters, US-China Tensions Dominate News Flow, Caixin Services PMI Out Today

CNH

(MNI Australia) USD/CNH dipped sub 7.0700 late in Asia Pac trade on Friday, amid optimism of fresh stimulus in the property sector (see this link for more details, and here as well). However, this dip marked the low for the pair and we eventually got back above 7.1100 late in NY trade amidst a broad USD/yield rebound. We currently track slightly softer, last around 7.1080/90 in early trade today.

  • Onshore spot finished Friday's session just below 7.1000, while the CNY NEER (J.P. Morgan Index) firmed by 0.19% to 123.11.
  • The weekend news flow was dominated by the Shangri-la Dialogue in Singapore, where US/China tensions were a focus point. There didn't appear to be any meeting between senior US-China officials, while an incident between the two navies in the Taiwan Strait was also a focus point.
  • There didn't appear much fresh news/additional information around proposed stimulus for the property sector either.
  • Equity market sentiment is likely to be an early focus point this week. Friday saw strong gains in onshore and HK equities, while a property stock gauge rose 6%, with potential stimulus in the sector a support. In US trade on Friday, the Golden Dragon Index continued to recover, up a further 2.93%.
  • Today we have the Caixin services PMI for May out, with the market consensus of 55.2, against a prior outcome of 56.4.
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