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USD/CNH Dips Sub 7.2000, Trying To Break Trend Line Support

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USD/CNH briefly touched below 7.2000 (low 7.1999 per BBG). We last tracked near 7.2065. Opening levels were closer to 7.2200, we are around 0.15% firmer versus end levels from last week at this stage.

  • This arguably puts us sub the uptrend support drawn off early February lows, see the chart below.
  • The lower USD/CNY fixing (lowest since the first half of August), and steady LPRs (there may have been speculation of cuts) saw a fresh round of USD/CNH selling interest.
  • HK equities have opened up firmer as well, (onshore equities are close to flat), which has likely helped at the margin. Property developers are doing better after Friday's pledge of support.

Fig 1: USD/CNH Attempting Downside Trendline Support Break

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USD/CNH briefly touched below 7.2000 (low 7.1999 per BBG). We last tracked near 7.2065. Opening levels were closer to 7.2200, we are around 0.15% firmer versus end levels from last week at this stage.

  • This arguably puts us sub the uptrend support drawn off early February lows, see the chart below.
  • The lower USD/CNY fixing (lowest since the first half of August), and steady LPRs (there may have been speculation of cuts) saw a fresh round of USD/CNH selling interest.
  • HK equities have opened up firmer as well, (onshore equities are close to flat), which has likely helped at the margin. Property developers are doing better after Friday's pledge of support.

Fig 1: USD/CNH Attempting Downside Trendline Support Break

Keep reading...Show less