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Fresh Cyclical Highs In USD/CNH


USD/CNH has pushed through 7.2100, fresh highs back to Nov last year. The catalyst for the fresh wave of USD strength appears to be the return of HK markets, which were on holiday yesterday. Today HK equities are starting on the back foot, the HSI off by 1%, along with the Tech sub index. The Golden Dragon index was close to flat in Thursday US trade, but fell 1.17% on Wednesday.

  • Broader risk appetite is also softer, with US equity futures ticking lower, while yen is the only outperformer in the G10 space.
  • A reminder that onshore China markets remain closed until Monday.
  • For USD/CNH late Nov 2022 highs in the 7.2500/7.2600 region may be the next upside target viewed.

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