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Free AccessPost-CPI USD Strength Tips USD/CNH to New Multi-month Highs
- With markets closed for Lunar New Year, CNH trade remains pinned to international, rather than local, conditions - with hotter-than-expected supercore CPI driving USD/CNH today. Despite that, CNH strength is noted against a number of other currencies outside of the greenback, with CNH/JPY also breaking to new highs and narrowing the gap with 20.9411, the cycle high posted in November last year.
- The pair's daily high at 7.2325 puts prices clear of the 100-dma resistance at 7.2236 and a close at current or higher levels would be the first close above since April of last year - a technical break that pre-saged the ~6% rally to ~7.28.
- A more muted vol backdrop will be helping markets add to CNH gains - 1m USD/CNH implied vol has dropped to ~3 points Tuesday, the lowest level since last year's New Year celebrations.
- Softer USD/CNH Call vol is evident, with the front-end of the risk reversals curve under pressure - tipping the 3m contract in favour of puts for first time in three months.
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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.