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Lags Broader USD Sell-Off

CNH

CNH finished Wednesday's session 0.23% stronger against the USD. This leaves USD/CNH back sub 6.8600 in the first part of trading today. The currency generally underperformed the broader USD sell-off post the Fed, particularly in terms of the majors (EUR & JPY both 0.8% higher against the USD). The CNY NEER eased further to 125.60 but remains within recent ranges (J.P Morgan index).

  • USD/CNH is back below key EMAs (the 200-day sits at 6.8714), but the simple 50-day MA at 6.8431 sits on the downside. This support point has broadly held through March. A breach of this level would open up March lows in the pair, close to 6.8300.
  • Other than Swift global payments in CNY, which is unlikely to shift the sentiment needle, the data calendar is empty today.
  • In the equity space, the China Dragon Index fell by 1.74% for Wednesday's session and continues to struggle to push above the simple 200-day MA. Onshore equities finished higher yesterday (+0.43% for the CSI 300), with Northbound flows improving in the latter part of the session to record a modest ~0.5bn yuan inflow (the 8th straight session of inflows).
  • Relative China equity performance to the rest of the world is broadly drifting sideways.
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