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Redback Gains Evaporate As China's COVID-19 Case Count Nears 1,000

CNH

Spot USD/CNH recouped its initial uptick and last deals at CNH6.7484, up 30 pips on the day.

  • The familiar contours of the technical picture remain intact. Bears eye Jun 15 low of CNH6.6669 for initial support, while bulls keep an eye on Jul 14 high of CNH6.7918.
  • The rebound may have been facilitated by China's latest COVID-19 numbers, with nationwide tally of infections rising by nearly 1,000 on Tuesday. Guangxi and Gansu remain the main hotspots.
  • Strengthening bias was removed and the deviation of yuan reference rate from sell-side expectations dropped to 5 pips today, in the wake of two slightly firmer than forecast fixings on Monday (17 pips) & Tuesday (21 pips). The redback showed no tangible reaction to the fixing.
  • The PBOC kept its 1-Year and 5-Year Loan Prime Rates unchanged, in line with expectations.
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