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Inflation Slowdown

CNH

The reaction of spot USD/CNH to Chinese inflation figures for the month of January has been rather muted, with the pair grinding higher since earlier this morning. It last operates at CNH6.3391, up 25 on the day.

  • Following a breach of Feb 4 low of CNH6.3489 on Tuesday, bearish focus moves to CNH6.3238, a cycle low printed on Jan 26. Bulls set their sights on Feb 8 high of CNH6.3763, followed by Jan 31 high of CNH6.3864.
  • Both consumer and factory gate price growth slowed more than forecast, providing the PBOC more room to ease policy if needed. Headline CPI rose 9.1% Y/Y (BBG median: +9.5%), with PPI up 0.9% (BBG median: +1.0%).
  • Chinese President Xi ordered Hong Kong to use "all necessary measures" to bring its outbreak of Covid-19 under control. Wen Wei Po reported that he asked the city's government to make tackling Covid-19 its main priority.
  • The Chinese data docket is virtually empty during the remainder of this week. Focus turns to LPR fixing & new home prices, due next Monday.
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