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EUR/CNH Falters Above 200-Day MA, Data Calendar Coming Back Into Focus

CNH

USD/CNH sits towards the top end of its range for the past few sessions. We track around 7.0850 currently, with moves above 7.0900 drawing selling interest. CNH continues to follow broader USD trends, but with a lower beta compared to most of the majors. EUR/CNH is back to a 6.93 handle, after being unable to sustain a break above the 200-day MA (7.0255).

  • China FX reserves for September are scheduled to print today. The market consensus expects a dip to $2997.50bn from $3054.88bn, which would be consistent with declines seen elsewhere in the region.
  • Also, the Caixin services PMI for September prints tomorrow, with 54.4 expected, against 55.0 previously. The composite Caixin number will also print.
  • From Sunday onwards we can also get September aggregate finance figures (release window is 9th to 15th). The market expects CNY2700bn, versus CNY2432.2bn in August. New loans are forecast to rise CNY1810bn from CNY1254.2bn.
  • China markets re-open on Monday.

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