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Rangebound With LPRs Left Unchanged

CNH

Spot USD/CNH has slipped and then trimmed losses, it last trades at CNH6.5730, 41 pips worse off on the day. A softer than estimated fixing of the central USD/CNY mid-point (CNY6.5786 vs. BBG est. of CNY6.5756) has helped the pair move away from session lows, while 1-Year & 5-Year LPRs were left unchanged, in line with expectations.

  • A fall through Nov 18 low of CNH6.5321 and channel floor at CNH6.5228 would put bears back in the driving seat, clearing the way to the psychological CNH6.5000 level. On the flip side, a jump above Nov 12 high of CNH6.6349 would encourage bulls to target Nov 9 high of CNH6.6495, while bringing channel top at CNH6.6567 into view.
  • Data-wise, focus next week turns to China's industrial profits, due Friday.
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