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Offshore Yuan Gains, BoP Current Account Data Eyed

CNH

Spot USD/CNH has shed 86 pips and deals at CNH6.3747, as the greenback has skidded along U.S. Tsy yields. Bears need a fall through Mar 16 low of CNH6.3529 before looking for a deeper sell-off. Bulls keep an eye on Mar 24 high of CNH6.3934, followed by the 200-DMA/Mar 15 high at CNH6.4097/6.4108.

  • The PBOC set the yuan reference rate at CNY6.3739 today, 13 pips above average sell-side estimate.
  • Shanghai reported a record daily increase in Covid-19 cases, with the latest tally topping 1,600 despite tightened restrictions.
  • Final BoP current account balance will hit the wires later today, with industrial profits coming up Sunday. Looking further afield, next week's docket is headlined by domestic PMI data.
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