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Redback Gets Shot In Arm From Liu/Yellen Call

CNH

Spot USD/CNH posted a downtick in reaction to headlines flagging a phone call between Chinese Vice Premier Liu and U.S. Tsy Sec Yellen.

  • China's MOFCOM said that the couple of top Chinese and U.S. envoys had a "pragmatic, candid and constructive" conversation. They reportedly agreed that strengthening macroeconomic policy coordination would be mutually beneficial and decided to keep communications.
  • Elsewhere, China Securities Journal reported that the PBOC's recent liquidity injections mean that the central bank won't likely cut the RRR in the near term.
  • The PBOC fixed their central USD/CNY mid-point at CNY6.3890 today, 11 pips above sell-side estimate.
  • USD/CNH last trades at CNH6.3778, 51 pips lower on the day. Should bears manage to force a break under Oct 19 low/trendline support at CNH6.3687/6.3674, they would garner some fresh momentum. Conversely, a break above Oct 21 high of CNH6.4000 would open up Oct 19 high of CNH6.4290.
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