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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.
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USD/CNH Can't Breach 7.1900, Equity Underperformance Continues
USD/CNH largely tracked a sideways range post the Asia close on Wednesday. The pair got close to 7.1900 but didn't breach this figure level. In early Thursday trade we track at 7.1840, little changed for yesterday's session. Spot USD/CNY ended near 7.1730, while the NEER (J.P. Morgan Index) was around flat at 123.28.
- For USD/CNH the simple 50-day MA is very close to current spot levels. Mid Dec highs at 7.2000 are also within sight. On the downside, note the simple 200-day near 7.1760.
- Near term focus is likely to rest on potential monetary stimulus. Note we have the 1yr MLF decision on Monday. We also still await the Dec aggregate credit/new loans data.
- Tomorrow sees Dec inflation out, with both CPI and PPI forecast to remain in negative territory in y/y terms. Dec trade figures are also due.
- Equity sentiment remains fairly poor, despite fresh stimulus calls. To recap, the CSI 300 closed down -0.47%, while in Wednesday US trade the Golden Dragon index lost a further 0.70% (the index down for the last 5 sessions).
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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.