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FX Buying Plan Prompts USD/CNH to Shoot Lower

RUSSIA
  • Bloomberg reports that Russia are mulling buying as much as $70bln in so-called 'friendly' currencies to stem the RUB rally this year. The piece adds that buying would focus on the Chinese yuan.
  • USD/CNH shoots lower on the Russia headline, with the pair slipping through yesterday's lows to touch 6.8886 and partially reverse some of the late August strength. Key support at 6.8817 sits just below, marking the 23.6% retracement for the late August upleg in USD/CNH
  • Not the first time we've heard of this concept of buying 'friendly' currencies - late June the idea was first raised, but the new detail here is that it would specifically focus on CNH.
  • The piece does add that TRY and AED are on the friendly currencies list, but they add there are more notable issues with buying these currencies specifically.
  • The move to buy FX would theoretically work the RUB's unwanted strength so far this year, and reportedly has the support of the CBR governor Nabiullina.
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