MNI BRIEF: Fed's Goolsbee Sees Jobs Risk From Tight Policy

MNI BRIEF: Investors Saw BOC Cutting to 3% By Q3 2025

MNI: BLS: NET PAYROLLS REVISIONS FOR JUNE, MAY -29,000

MNI China Daily Summary: Friday, August 2

MNI China Press Digest Aug 2: Hukou, Property, State Grid

MNI: PBOC Sets Yuan Parity Higher At 7.1376 Fri; -0.90% Y/Y

MNI: BAKER HUGHES US RIG COUNT 586; OIL RIGS 482; GAS RIGS 98

EZ/UK Bond Supply Calendar: BoE APF Operation on Monday

EZ/UK T-Bill Calendar: Germany, Netherlands, France Due Monday

RPT-MNI: Canada Sticks To Fiscal Anchors, Spends Chunk Of Windfall

© 1982-2024 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

Rangebound Despite Softer Than Expected PBOC Fix

CNH

Spot USD/CNH has edged higher and last trades +37 pips at CNH6.3979, showing little reaction to a softer than expected PBOC fix. Bulls need a push through Oct 29 high of CNH6.4104, which would allow them to target Oct 19 high of CNH6.4290. Bears look for sales past Oct 25 low of CNH6.3748, which would open up Oct 19 low/trendline support at CNH6.3687/81.

  • The PBOC set their central USD/CNY mid-point at CNY6.4009, 23 pips above sell-side estimate.
  • A former PBOC MPC member told BBG that "the need for aggressive easing is quite limited," as "the economy overall really is still okay." He added that "the main job for supporting growth (...) will be with the discal policy next year."
  • China's Caixin Services PMI is due for release tomorrow, while BoP current account balance will be published on Friday.
EM BulletHomepageBulletMarketsEmerging Market NewsForeign Exchange Bullets
EM BulletHomepageBulletMarketsEmerging Market NewsForeign Exchange Bullets

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.