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USD/CNH Down A Touch, But Vol Remains Very Low, PMIs Out Today

CNH

USD/CNH continued its low beta trend to broader USD shifts through Monday's session. The pair sits near 7.3250 in current dealings, down slightly from Monday opening levels of 7.3300. The pair couldn't get sub 7.3225 post the Asia close on Monday. USD/CNY finished at 7.3110, down slightly from Friday closing levels at the end of last week.

  • The CNY NEER (J.P. Morgan index) lost a further 0.14% to 123.36. We are still well above mid-July lows for this index.
  • Today we have official PMI prints for October. The market expects s steady outcome for manufacturing and slight improvement on the services side (see this link for more details).
  • Equity sentiment started the week positively. In US trade, the Golden Dragon index rose 0.83%, the third straight gain. To recap, onshore equities rose 0.60% yesterday in terms of the CSI 300 to 3584. The Shanghai Composite was +0.12%, holding above the 3000 level. Northbound stocks flows via the stock connect were negative (-2.40bn yuan), ending a two-day run of positive inflows.
  • The other focus point will be the Financial Work Conference which continues today in Beijing. The market will be hopeful that more measures to boost the property market, mitigate LGFV risks, will come out of this meeting.
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