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USD/CNH Can't Sustain 7.2700 Break, Local Equities Off Earlier Highs

CNH

(MNI Australia) USD/CNH tested sub 7.2700, but now sits higher, back near 7.2800. The low of 7.2698 was close to lows from last week, but the pair was unable to break lower at this stage.

  • Lows in USD/CNH coincided with a sharp push higher at the open in China/HK shares. As some of the heat has come out of this move USD/CNH has found some support.
  • The HSI is back to +2.4% after opening +3% higher. The CSI 300 has given up around half of the earlier +5.5% rise.
  • Comments from China Commerce Minister Wang and US Commerce Secretary Raimondo are also being digested by the market, as Raimondo's trip to China gets underway. Both sides sound willing to boost trade and the broader business environment, but the market may want to see concrete steps before turning more constructive on US-China issues.
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