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Continues To Rally, Spill Over To Related FX Plays

CNH

CNH is continuing to rally. USD/CNH was last close to 7.2130, slightly up from session lows, but still around 0.50% sub-NY closing levels. Late yesterday the pair got to a low around 7.2000, so this could be a level watched on the downside.

  • China related asset sentiment is doing better in the equity space, which is likely spilling over to the FX.
  • A down step in covid case numbers, coupled with no escalation in onshore social unrest are positives, while fresh policy support for the property sector announced late yesterday is also helping equity performance.
  • We are seeing spill over from CNH to other FX pairs. USD/KRW is back to the low 1330 region, -0.65% for the session. AUD and NZD are also the best performers in the FX space.
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