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USD/CNH Consolidates

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MNI (Australia) Post the Asia close, USD/CNH struggled to see much downside sub 7.0400, as the China currency failed to benefit from broader USD weakness. The pair currently tracks at 7.0380. The CNY NEER fell 0.45% for Thursday, unwinding half of the previous session's gain.

  • The China Dragon index fell by nearly 2% overnight, following a very strong run higher in the first part of the week (in the lead up to month end). To recap, HK and mainland shares pushed higher yesterday, but closed down from intra-day highs.
  • Covid developments will remain focus, following yesterday's announcement that some low-risk patients could isolate at home in Beijing.
  • The data calendar is empty, with the next release scheduled for Monday when the Caixin services and composite PMIs print.
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MNI (Australia) Post the Asia close, USD/CNH struggled to see much downside sub 7.0400, as the China currency failed to benefit from broader USD weakness. The pair currently tracks at 7.0380. The CNY NEER fell 0.45% for Thursday, unwinding half of the previous session's gain.

  • The China Dragon index fell by nearly 2% overnight, following a very strong run higher in the first part of the week (in the lead up to month end). To recap, HK and mainland shares pushed higher yesterday, but closed down from intra-day highs.
  • Covid developments will remain focus, following yesterday's announcement that some low-risk patients could isolate at home in Beijing.
  • The data calendar is empty, with the next release scheduled for Monday when the Caixin services and composite PMIs print.