Free Trial

CNY, CNH Hitting New Multi-month Highs

CHINA FX

USDCNH printing new multi-month lows in recent trade at 6.8919 - levels last seen in January. Trade sentiment remains the key driver with markets bolstered (largely equities, but also CNY) by the meeting of Chinese and US representatives, who re-committed to the phase one deal on Monday.

Technically, USD/CNY is extending the pullback from the double top ahead of 7.20, with Credit Suisse also noting that 6.8406/6.8242 marks key Fib retracement levels and could define the lower-end of the range for now.

Ultimate downside target sits at January multi-year low of 6.8457, but may find some support at 6.8714 before there.

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.