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Gains A Further 1.3%, USD/CNH Eyeing Mid November Lows

CNH

MNI (Australia) - USD/CNH currently tracks close to the 7.0400 level, slightly below lows from the NY session. The China currency benefited from further re-opening plays post the Asia close yesterday and the pull back in UST yields. Lows from mid-November just under 7.0200 are now in focus. On the topside, the pair saw selling interest emerge above 7.1000 during the NY session.

  • The CNY NEER gained a further 0.90% during Wednesday's session, as the China currency outperformed the majors. The China Dragon Index surged a further 9.6%, bringing November gains to 42% for the index.
  • Covid developments were positive late yesterday, with the manufacturing hub of Guangzhou lifting most lock down conditions for the region. Vice Premier Sun Chunlan also acknowledged the omicron variant is less pathogenic, and the country is entering a new stage of the fight against the virus.
  • USD/CNH also followed UST yield momentum lower. The 2yr US-CH government bond yield spread is back sub 200bps, low back to early October.
  • On the data calendar today is the Caixin manufacturing PMI, 48.9 is expected against 49.2 previously.
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