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Offshore Yuan Regains Poise Even As China's COVID Case Count Stays Above 500

CNH

Renewed selling pressure prompted spot USD/CNH to swing into a loss despite a firmer re-open, with a slightly firmer than expected PBOC fix possibly facilitating the move, although the deviation from sell-side forecast was not too large.

  • China's COVID-19 situation may have weighed on the redback at the start to the session. The authorities said the situation in Shanghai remained severe as national case count jumped to 580 on Saturday and stayed above 500 on Sunday.
  • However, continued greenback weakness has driven the pair lower as the session progressed, with participants parsing last Friday's Fedspeak & U.S. inflation expectations data.
  • The PBOC set the mid-point of permitted USD/CNY trading band at CNY6.7447 today, 17 pips below the sell-side estimate.
  • Looking ahead, the PBOC will fix its Loan Prime Rates on Wednesday. China's data docket is fairly light this week.
  • When this is being typed, USD/CNH trades -55 pips at CNH6.7553. Bearish focus falls on Jun 15 low of CNH6.6669. Bulls look for gains past Jul 14 high of CNH6.7918, followed by May 13 cycle high of CNH6.8380.
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