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MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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Free AccessCNH Underperforms as Markets Ponder PBoC After Soft CPI
- CNHJPY sits lower today by just over 0.8%, with CNH fading against all other G10 currencies Thursday. Moves follow the much lower-than-expected February CPI release (1.0% vs. Exp. 1.9%) overnight, reinforcing the importance of PBoC policy for H1. Chinese authorities are now having to navigate pressures of the full re-opening from COVID lockdowns on one side, as well as a lower central growth target and a waning domestic property sector on the other.
- CNHJPY sits between the 100- and 200-dmas which could provide near-term support/resistance at 19.5123 and 19.8570 respectively, but more broadly the cross remains well above the multi-year uptrendline drawn off the July 2020 low - a trendline that successfully supported prices across the January pullback.
- Further pricing of easier PBOC policy (or a hawkish BoJ outturn) could see this support being tested over the medium-term, prompting markets to further retrace the near 15% rally off the COVID lows.
- MNI interviewed former US Treasury economist Setser overnight, who flagged the risks of further state-driven CNY weakness to boost exports and counter risks from slow consumption and real estate markets, highlighting 'off-balance sheet methods' as a likely course of action.
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.