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Rebounds After PBOC Fix, Industrial Profits On Tap

CNH

USD/CNH fell ~0.6% through yesterday's dealing after the PBOC fixed the Yuan 100 pips firmer than expected. Losses were marginally pared in the NY session. The pair last prints at 7.2230/60.

  • The pair still remains firmly in an uptrend, although yesterday's slightly more forceful PBOC provides a signal that authorities have started to get uncomfortable with the speed of the decline in the Yuan.
  • On the upside bulls look to break the 7.25 handle. Bears first target the 20-day EMA to turn the tide (7.1623).
  • In the equity space the CSI300 rose ~0.9% and the Golden Dragon Index was ~3% firmer.
  • May’s Industrial Profits are on tap today, there is no estimate for the print.
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