MNI BRIEF: Japan Nov CGPI Rises 3.7% Y/Y, Import Prices Drop

MNI: JAPAN NOV CORP GOODS PRICE INDEX +3.7% Y/Y; OCT REV +3.6%

TRUDEAU SAYS IT LOOKS LIKE BOC WILL BE LOWERING RATE AGAIN

MNI BRIEF: Brazil Not Even Close To Fiscal Dominance - David

CORRECTED-MNI BRIEF: Brazil Inflation Rises To 4.87% In Nov

MNI China Daily Summary: Tuesday, December 10

MNI: USDA: 2024/2025 CORN PRODUCTION EST 15.14B BSL

EZ/UK T-Bill Calendar: 12-Month BOT Auction on Wednesday

EZ/UK Bond Supply Calendar: 4.25% Jul-34 Gilt Due Wednesday

MNI EXCLUSIVE: EU-Mercosur Deal Close, But Likely Short-Lived - Officials

AUSTRALIA: 2025 Election Outcome Looking More Uncertain According To Newspoll

© 1982-2024 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

CNH: USD/CNH Back Close To 7.1000, Onshore Markets Out Again Today

CNH
EM BulletAPACChinaEmerging Market NewsBulletGlobalFixed Income BulletsForeign Exchange BulletsRegionMarkets

USD/CNH tracks near 7.0970 in early Tuesday dealings. The pair spent most of the post Asia close period on Monday tracking higher, in line with USD/JPY's rebound. Earlier lows were at 7.0881 from Monday trade, while moves above 7.1000 drew selling interest. This kept the pair well within recent ranges. Note onshore markets are again closed today, but return tomorrow after the mid-Autumn festival break. 

  • USD/CNH finished down a touch for Monday's session (-0.05%), underperforming softer USD indices, with all of the G10 currencies (except CAD) rallying against the USD for the session (BBDXY down 0.30%). As we noted last week, the bias is likely to remain for CNH to underperform broader USD weakness. CNH/JPY got to fresh lows yesterday of 19.6850, but sits near 19.8160 in latest dealings
  • Focus remains on this week's FOMC decision, with Tsy futures pushing higher in Monday trade, although market pricing for the FOMC outcome was relatively steady.
  • With onshore markets out again today, broader USD trends are likely to dictate. Market reaction tomorrow will be around the August activity update from the weekend, which generally showed softer than expected economic momentum, as well as sharply house price falls. 
194 words

To read the full story

Close

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.

USD/CNH tracks near 7.0970 in early Tuesday dealings. The pair spent most of the post Asia close period on Monday tracking higher, in line with USD/JPY's rebound. Earlier lows were at 7.0881 from Monday trade, while moves above 7.1000 drew selling interest. This kept the pair well within recent ranges. Note onshore markets are again closed today, but return tomorrow after the mid-Autumn festival break. 

  • USD/CNH finished down a touch for Monday's session (-0.05%), underperforming softer USD indices, with all of the G10 currencies (except CAD) rallying against the USD for the session (BBDXY down 0.30%). As we noted last week, the bias is likely to remain for CNH to underperform broader USD weakness. CNH/JPY got to fresh lows yesterday of 19.6850, but sits near 19.8160 in latest dealings
  • Focus remains on this week's FOMC decision, with Tsy futures pushing higher in Monday trade, although market pricing for the FOMC outcome was relatively steady.
  • With onshore markets out again today, broader USD trends are likely to dictate. Market reaction tomorrow will be around the August activity update from the weekend, which generally showed softer than expected economic momentum, as well as sharply house price falls.