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CNH Trading With A Firmer Bias, Dollar Indices Edge Down From Recent Highs

CNH

After touching fresh highs in earlier trade, USD/CNH is tracking with a softer bias now. The pair got near 7.0990, but we now sit back closer to 7.0800 (lows were close to 7.0750). Onshore USD/CNY spot has also traded with a softer bias, back to 7.0700, after opening closer to 7.0800.

  • The CNY fixing was again close to neutral. Onshore equities were also trading with a softer tone in early dealings.
  • The USD is slightly offered elsewhere, which is also likely aiding sentiment for CNH. The BDDXY was last off 0.1% to 1246.70/80.
  • Earlier headlines crossed around the meeting between the US Commerce Secretary and China's Commerce Minister in Washington. Both sides spoke about issues but promised to keep communication lines open re trade concerns (see this link for more details).
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