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USD/CNH Back Towards Session Lows, Tighter Liquidity Eyed

CNH

A downtick from best levels for the broader USD allows USD/CNH to show below CNH7.29 again, although the Asia-Pac low (CNH7.2836) hasn’t been tested yet.

  • Continued speculation surrounding the potential for another RRR cut in Q423 did little to dent the yuan.
  • Meanwhile, questions surrounding the longevity of the bounce in property market activity post-mortgage easing steps remain evident.
  • Weaker mainland equities also failed to hamper the yuan, even with outflows via the HK-China Stock Connect schemes noted.
  • Liquidity matters seem to be supporting CNH, with T/N points and 1-month CNH HIBOR back towards recent highs, while 3-month CNH HIBOR has moved to the highest level seen since ’18.
  • Technically, trend conditions remain bullish and the move lower in recent sessions appears to be a correction, key short-term support in USD/CNH lies at CNH7.2392, the Sep 1 low.
  • For bulls, a break of resistance at CNH7.3682, the Sep 8 high, would resume the uptrend and this would open CNH7.3749, the Oct 25 high - a major resistance and the all-time high.
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
EM BulletFixed Income BulletsHomepageBulletMarketsEmerging Market NewsForeign Exchange Bullets
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
EM BulletFixed Income BulletsHomepageBulletMarketsEmerging Market NewsForeign Exchange Bullets

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