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USD/CNH A Touch Lower On The Day

CNH
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MNI (London) - A slightly stronger PBoC lean against CNY weakness via the daily mid-point fixing, firmer Chinese industrial profit data and the latest round of loosening of property market restrictions in the mega city of Shanghai have supported the yuan on Monday.

  • This has outweighed any negatives surrounding weekend G7 critique of Chinese industrial policy.
  • Policymakers continue to manage yuan depreciation closely, no doubt wary of capital outflow risk amid the well-documented headwinds for the Chinese economy.
  • Still, the daily USD/CNH range is fairly contained (7.2542-7.2622), last dealing at 7.2575.
  • The bullish technical set up in USD/CNH remains intact, with the next resistance point of note seen at the April 25 high (7.2739). That protects key resistance at the April 16 high (7.2831).
  • Initial support is located at the May 16 low (7.2042).
  • Looking ahead, official Chinese PMI data is due on Friday.
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MNI (London) - A slightly stronger PBoC lean against CNY weakness via the daily mid-point fixing, firmer Chinese industrial profit data and the latest round of loosening of property market restrictions in the mega city of Shanghai have supported the yuan on Monday.

  • This has outweighed any negatives surrounding weekend G7 critique of Chinese industrial policy.
  • Policymakers continue to manage yuan depreciation closely, no doubt wary of capital outflow risk amid the well-documented headwinds for the Chinese economy.
  • Still, the daily USD/CNH range is fairly contained (7.2542-7.2622), last dealing at 7.2575.
  • The bullish technical set up in USD/CNH remains intact, with the next resistance point of note seen at the April 25 high (7.2739). That protects key resistance at the April 16 high (7.2831).
  • Initial support is located at the May 16 low (7.2042).
  • Looking ahead, official Chinese PMI data is due on Friday.