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Holding Above 7 Handle, Loan Prime Rates On Tap

CNH

USD/CNH snapped a 3 day advance finishing ~0.4% lower on Friday. We print at 7.02/03 in early trade on Monday

  • The pair scaled back from session after reports crossed of GOP negotiators walking out of talks as the US Debt Ceiling impasse continues. Despite Friday's fall we continue to hold above the 7 handle.
  • Bulls target the high from 19 May at 7.0750, on the downside bears look to move below the 7 handle to target 20-Day EMA (6.9659).
  • In the equity space CSI300 fell ~0.3% on Friday and the Golden Dragon Index fell 0.8%.
  • On the wires today we have the 1- and 5-Year Loan Prime Rate, no change is expected. The 1-Year LPR sits at 3.65% and the 5-Year sits at 4.30%.
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