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Australia Jun Retail Sales +0.5% M/M

Japan Jul Retail Sales +2.6% Y/Y

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Spot USD/CNH Hovers Above Cycle Low

CNH

Spot USD/CNH has slipped under yesterday's low and last trades -17 pips at CNH6.3294, hovering above the cycle low printed earlier this week.

  • A fall through the aforementioned cycle low of CNH6.3249 would expose May 11, 2018 low of CNH6.3198. Conversely, the initial bullish target is provided by the CNH6.3625/26 area, which limited gains on Jan 18/19.
  • The PBOC fix matched expectations today, while China's central bank injected net CNY100bn of liquidity via OMOs as Lunar New Year holidays draw nearer.
  • There is nothing of note on China's economic docket ahead of the release of industrial profits on Thursday, with official PMIs & Caixin M'fing PMI due to follow on Sunday.
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