Free Trial

Marginally Softer

CNH

Spot USD/CNH operates marginally above neutral levels, last +29 pips at CNH6.3757, amid an uptick in the DXY.

  • Bulls look for a clearance of Nov 26 high of CNH6.3999 before taking aim at Oct 29 high of CNH6.4104. On the downside, initial focus falls on Dec 1/Nov 16 lows of CNH6.3631/16 and a break here would expose May 31 low of CNH6.3525.
  • The PBOC set their central USD/CNY mid-point at CNY6.3738 today, just 2 pips below sell-side estimate.
  • Expansion in China's services sector slowed more than forecast in November, according to the latest Caixin PMI survey. Headline index printed at 51.1, down from 53.8 recorded in October.
  • China's trade data will be released on Tuesday, with inflation data coming up Thursday.

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.