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USD/CNH Close To Monday Highs


USD/CNH is close to Monday session highs, the pair last around 7.3180 (Monday highs near 7.3195). A break above 7.3200 could see early October highs targeted. Onshore spot sits lower, last near 7.3130, note that the topside cap in spot (+2% above the fixing level) is 7.3232 today.

  • Broader USD sentiment is firmer, with the BBDXY up 0.10%. Higher US yields providing some support. US-CH yield differentials have ticked higher, with the US leg of this spread continuing to dominate trends.
  • Local equities are higher at the break, but Northbound stock connect outflows persist. So far, we have seen a further 2.6bn yuan in outflows. The past trading month has seen just under 55bn yuan in outflows.
  • Tomorrow, we get Q3 GDP and September activity prints.

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