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USD/CNH Close To 200-day EMA Downside Test

CNH

USD/CNH got to the7.1630 level post the Asia close on Monday. This isn't too far off the 200-day EMA (7.1616). The simple 200-day MA is further south around 7.1300. Spot USD/CNH tracks near 7.1680 in recent dealings, rising nearly 0.70% for Monday's session. Spot USD/CNY ended at 7.1669, while the CNY NEER (J.P. Morgan index) rose 0.18% to 123.29.

  • CNH benefited from broader based USD softness, while risk appetite was generally firm in the equity space. Bloomberg noted that FX flows were supportive as well, with local exporters adding to USD sales, while importers held off USD purchases.
  • Focus today will be on the USD/CNY fix, with yesterday's sharp drop kicking off the CNH rally. Note the 4:30pm Beijing close in USD/CNY spot was 7.1747.
  • The local data calendar is empty today, with industrial profits, out next Monday, the next major release.
  • In the equity space, focus will remain on real estate stocks. Late yesterday, headlines crossed that China is drafting a list of 50 developers eligible for funding support (see this BBG link).
  • Note the Golden Dragon index rallied 3.55% in US trade on Monday. Tech sentiment was broadly positive during the session.
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