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Outperforms, Feb Inflation Data On Tap

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USD/CNH's pull back extended to sub 6.9500 late in the NY session. We sit back close to 6.9700 now, as the pair recovered in line with a firmer US yield backdrop late in NY trade. The simple 100-day MA remains nearby (6.9735) and we haven't been able to sustain moves above this resistance point so far this week. CNH was 0.36% firmer for Wednesday's session, while the CNY NEER rose a further 0.2% to 125.74 (J.P. Morgan Index).

  • The data focus today rests with the CPI and PPI prints for Feb. The market expects fairly benign outcomes for both prints, see this link for more details.
  • Inflation trends will be watched around for fresh easing risks, although recent NPC outcomes appears to be pushing back against this prospect.
  • The CNY fixing will also be eyed given yesterday's firmer outcome relative to expectations. Bloomberg also noted that exporters were sellers of the USD onshore yesterday.
  • In the equity space, the China Dragon index continued to edge down, losing a further 0.58% for Wednesday's session. Northbound stock connect outflows were just over 1bn yuan yesterday, as onshore equities finished modestly lower.
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USD/CNH's pull back extended to sub 6.9500 late in the NY session. We sit back close to 6.9700 now, as the pair recovered in line with a firmer US yield backdrop late in NY trade. The simple 100-day MA remains nearby (6.9735) and we haven't been able to sustain moves above this resistance point so far this week. CNH was 0.36% firmer for Wednesday's session, while the CNY NEER rose a further 0.2% to 125.74 (J.P. Morgan Index).

  • The data focus today rests with the CPI and PPI prints for Feb. The market expects fairly benign outcomes for both prints, see this link for more details.
  • Inflation trends will be watched around for fresh easing risks, although recent NPC outcomes appears to be pushing back against this prospect.
  • The CNY fixing will also be eyed given yesterday's firmer outcome relative to expectations. Bloomberg also noted that exporters were sellers of the USD onshore yesterday.
  • In the equity space, the China Dragon index continued to edge down, losing a further 0.58% for Wednesday's session. Northbound stock connect outflows were just over 1bn yuan yesterday, as onshore equities finished modestly lower.