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CNH: USD/CNH Above 7.0900, Equity Rally Falters/Firmer US Yields Weigh

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Intra-session highs for USD/CNH in Wednesday trade came in at 7.0985. CNH lost 0.27% for Wednesday's session, slightly below USD index gains (the BBDXY rose 0.41% amid further yield gains). USD/CNH tracks near 7.0925 in early Thursday dealings. USD/CNY spot finished up at 7.0808 for Wednesday trade. The CNY CFETS basket tracker rose a further 0.25%, the index now back to 99.37, fresh highs since mid July of this year. The yuan has outperformed the recent rebound in the USD. 

  • For USD/CNH, earlier October highs rest at 7.1040. Beyond that is the 50-day EMA near 7.1085. On the downside the 20-day EMA is continues to track higher, last near 7.0660.
  • Lows for USD/CNH yesterday came in at 7.0537 yesterday afternoon, which came not long after headlines crossed of the planned MoF fiscal policy briefing this Saturday. Positive sentiment was short lived though, and USD/CNH climbed higher through US trade supported by firmer US yields amidst cautious FOMC minutes and Fed speak.
  • While in the equity space, the CSI 300 finished off 7% and at session lows. In US Wednesday trade, the Golden Dragon index lost 1.29% (after falling 6.85% in Tuesday trade). China related ETFs continue to see inflows though (see this BBG link).
  • The local data calendar remains quiet, with new loans/aggregate finance due between today and the 15th of October. This Sunday delivers the Sep CPI/PPI prints. 
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Intra-session highs for USD/CNH in Wednesday trade came in at 7.0985. CNH lost 0.27% for Wednesday's session, slightly below USD index gains (the BBDXY rose 0.41% amid further yield gains). USD/CNH tracks near 7.0925 in early Thursday dealings. USD/CNY spot finished up at 7.0808 for Wednesday trade. The CNY CFETS basket tracker rose a further 0.25%, the index now back to 99.37, fresh highs since mid July of this year. The yuan has outperformed the recent rebound in the USD. 

  • For USD/CNH, earlier October highs rest at 7.1040. Beyond that is the 50-day EMA near 7.1085. On the downside the 20-day EMA is continues to track higher, last near 7.0660.
  • Lows for USD/CNH yesterday came in at 7.0537 yesterday afternoon, which came not long after headlines crossed of the planned MoF fiscal policy briefing this Saturday. Positive sentiment was short lived though, and USD/CNH climbed higher through US trade supported by firmer US yields amidst cautious FOMC minutes and Fed speak.
  • While in the equity space, the CSI 300 finished off 7% and at session lows. In US Wednesday trade, the Golden Dragon index lost 1.29% (after falling 6.85% in Tuesday trade). China related ETFs continue to see inflows though (see this BBG link).
  • The local data calendar remains quiet, with new loans/aggregate finance due between today and the 15th of October. This Sunday delivers the Sep CPI/PPI prints.