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Free AccessUSD/CNH Back Sub Simple 200-day MA, Nov Credit Softer Than Expected
In line with softer broader USD sentiment post the FOMC, USD/CNH fell sharply through Wednesday US trade. From near 7.1900 we fell back to the 7.1350/55 region, a CNH gain of 0.77%. We last tracked near 7.1370 in early Thursday trade. Earlier USD/CNY closed much higher at 7.1708. The CNY NEER (J.P. Morgan Index) was still +0.29% higher for the session.
- For USD/CNH we are now back sub the simple 200-day MA (7.1492). Early Dec lows were at 7.1237, while late Nov lows were at 7.1126 (29th). Recent resistance appeared near the 7.2000 level.
- Late yesterday we had Nov aggregate finance figures print. They were weaker than expected (2450bn yuan, versus 2595bn yuan forecast), as were new loans (1090bn yuan, 1300bn yuan forecast).
- Calls are likely to continue for greater policy support, but recent commentary has focused on improving credit efficiency (as opposed to large scale stimulus).
- Note tomorrow we get the 1yr MLF decision (no change expected), along with Nov activity figures.
- To recap in the equity space, onshore equities finished poorly yesterday, down nearly 1.7% for the CSI 300. The index is still above recent cyclical lows.
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.