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USD/CNH Back Above 7.3400, Caixin Services PMI On Tap Today


USD/CNH rebounded from overnight lows near 7.2600 to back above 7.3400. We aren't too far away from overnight highs currently, last at 7.3445/50. CNH moves outperformed most of G10 FX (except JPY), as the USD bounced on the back of hawkish Fed rhetoric from Chair Powell. Coming up today is the Caixin services PMI print, 49.0 forecast versus 49.3 previously. The Caixin Composite PMI will also print.

  • The China Golden Dragon Index rose overnight by just under 1%, building on the previous session's gain of 3.83%. This index outperformed weakness in US markets.
  • We also had the China Health Commission state that it will firmly adhere to the covid zero policy post the Asia close yesterday. This follows various social media posts over recent days claiming there could be a potential shift in this policy.
  • Despite recent volatility in USD/CNH, the pair is still tracking yield differentials with the US for the most part. Highs from earlier in the week stand at just under 7.3570.
  • Onshore spot was at 7.2825 yesterday at 4:30pm, before closing at 7.2900, but the USD surge overnight will also influence today's fix.

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