January 17, 2023 02:33 GMT
USD/CNH Back Above 6.7700
CNH strength post China data beats proved to be short lived. The pair rebound from sub 6.7500 to fresh highs above 6.7700. Onshore spot is also climbing higher, last tracking close to the 6.7625 handle. There don't appear any obvious headline catalysts for the move. Profit taking ahead of the LNY next week may be a factor. While US equity futures have also weakened, which is supporting broader USD sentiment.
- For USD/CNH, highs from last Thursday just above 6.7730 are in focus, beyond that is the 6.8000 level.
- Other USD/Asia pairs are also firmer. USD/KRW 1 month back to the 1240 handle, while USD/THB is back above 33.00 (last 33.15/20), +0.60% for the session, USD/IDR is also +0.64% higher, last near 15140/45.