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USD/CNH Dips, But Recent Ranges Hold, Equity Momentum Softens

CNH

(MNI Australia) USD/CNH tracked lower post the Asia close, although found support on moves sub 6.9600. The pair last tracked just above this level. This keeps recent ranges in USD/CNH still intact.

  • The China currency followed DXY shifts fairly closely through London/NY trading. Still CNH/JPY was down 3.44% for Tuesday's session, the pair back sub 19.00, levels last seen in May.
  • The domestic focus is likely to remain on the Covid situation. The current wave is expected to crimp near term economic activity, but the sell-side remains optimistic around the 2023 outlook. The consensus estimate for growth next year stabilized through November and currently sits at 4.85%.
  • Yesterday's no change in the LPRs was expected by the consensus but the sell-side bias still sees risks skewed towards lower levels in Q1 next year.
  • The China Dragon index fell a further 0.42% during US trading. Onshore equities have been noticeably weaker since the start of this week, down a cumulative 3% for the CSI 300, as near term economic optimism falters.
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