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USD/CNH Dips Supported, Equity Weakness Continues

CNH

USD/CNH dips sub 7.0500 late in the Asia Pac session yesterday were supported. We got back above 7.0700 in NY trade, but now sit around the 7.0650 level. CNH was close to flat for Wednesday's session, outperforming firmer USD trends elsewhere (the DXY was up ~0.40%). The CNY NEER (J.P. Morgan Index) edged back up to 123.66, +0.11%.

  • Highs from Asia Pac trade yesterday, just above 7.0800 remain intact, with early Dec 2022 highs above 7.0900 a potential upside focus point.
  • Onshore USD/CNY spot pulled back to sub 7.0400 during yesterday's session, but we still closed above 7.0600.
  • Weakness persists in China related equities. In Wednesday US trade, the Golden Dragon index fell by a further 2.17%, hitting fresh lows back to early Dec last year.
  • To recap, the CSI 300 closed down a further 1.38% yesterday. This puts the index back to early Jan levels from this year. Yesterday saw just under 4.5bn yuan in Northbound stock connect outflows, down from Tuesday's ~8bn yuan outflow pace.
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