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CNH: USD/CNH Lower, Onshore Markets Return, NDRC Briefing In Focus

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From highs above 7.1000, USD/CNH pulled back post the Asia close on Monday. The eventually getting under 7.0600 in US trade, but we sit slightly higher now, last around 7.0700. CNH rallied 0.38% for Monday's session, its first gain in 7 sessions. USD/CNH is still above its 20-day EMA (at 7.0619), while intra-session highs from Friday were marked at 7.1040. 

  • Focus today will be on returning onshore markets, which have been out since last Monday for the National Day holiday period. The National Development and Reform Commission (NDRC) will hold a briefing at 10am local time today, where more fiscal stimulus measures could be announced (see this BBG link).
  • Spending trends from the holiday period/home sale momentum will be other focus points.  
  • USD/CNY spot ended its last trading session at 7.0187, but could see some upward pressure as markets re-open. Broader USD indices are higher over this period, with Fed easing expectations pared in the aftermath of the NFP beat last Friday.
  • China's Golden Dragon index was mostly positive in US trade over the past week, which may aid local equity/tech equity sentiment as onshore markets return. ETFs tracking China linked markets also points to positive sentiment (see this link).
  • The local data calendar is empty today, with Sep new loans/aggregate finance figures due in the second half of this week. 
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From highs above 7.1000, USD/CNH pulled back post the Asia close on Monday. The eventually getting under 7.0600 in US trade, but we sit slightly higher now, last around 7.0700. CNH rallied 0.38% for Monday's session, its first gain in 7 sessions. USD/CNH is still above its 20-day EMA (at 7.0619), while intra-session highs from Friday were marked at 7.1040. 

  • Focus today will be on returning onshore markets, which have been out since last Monday for the National Day holiday period. The National Development and Reform Commission (NDRC) will hold a briefing at 10am local time today, where more fiscal stimulus measures could be announced (see this BBG link).
  • Spending trends from the holiday period/home sale momentum will be other focus points.  
  • USD/CNY spot ended its last trading session at 7.0187, but could see some upward pressure as markets re-open. Broader USD indices are higher over this period, with Fed easing expectations pared in the aftermath of the NFP beat last Friday.
  • China's Golden Dragon index was mostly positive in US trade over the past week, which may aid local equity/tech equity sentiment as onshore markets return. ETFs tracking China linked markets also points to positive sentiment (see this link).
  • The local data calendar is empty today, with Sep new loans/aggregate finance figures due in the second half of this week.