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Fedspeak Key In Pushing USD/CNH Higher

CNH

Offshore yuan is unfazed by an in-line PBOC fixing, which saw the mid-point of permitted USD/CNY trading band set just 2 pips below sell-side estimate. Gains in spot USD/CNH have been driven by greenback strength, stemming from further addition of hawkish Fed bets. The rate last deals at CNH6.7331, up 71 pips on the day.

  • From a technical standpoint, a move through Jul 12 high of CNH6.7533 would bring Jun 13/May 27 highs of CNH6.7855/56 into play. Bears look for a sell-off past CNH6.6669 (Jun 15 low), which would give them a green light for targeting Jun 3 low of CNH6.6170.
  • BBG ran a source report noting that China has asked its regulators to be more cautious in reviewing new outbound spending, with officials concerned that higher U.S. interest rates could lead to capital outflows.
  • China's trade surplus reached a record high last month as Shanghai emerged from a lockdown. The recent uptick in COVID-19 cases revived fears of the return of draconian restrictions, but the daily case count dropped back below 50 on Wednesday, with no new infections found outside of quarantine facilities.
  • Participants look ahead to the release of China's quarterly GDP data, monthly economic activity indicators and new home prices on Friday.
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