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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.
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