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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.
CHINA
- The deterioration in the Russia/Ukraine conflict combined with renewed crackdown fears have left China equities vulnerable in recent weeks.
- The Hang Seng Index is down 10% this month, given up all of its early 2022 gains and entered a critical support zone this week.
- The HSI index fell below its 22,519.70 support level on Monday to its lowest level since March 24th 2020 (before edging slightly higher during the overnight session).
- Next key support to watch on the downside stands at 21,709.10, which was the low reached on March 19th following the Covid19 shock.
- The current environment has ‘erased’ China officials’ ‘easing effort’ as the market uncertainty could continue to weigh on domestic and global risky assets in the near term.
- On the other hand, momentum on the CNY remains firm, with USDCNY falling below the 6.31 level earlier.
- Next ST support to watch on the downside stands at 6.30.
- Key support remains at 6.2430, which was the low reached on March 27th 2018.
Source: Bloomberg/MNI
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.
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