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USD/CNH Drifts Higher Monday, As US Yields Rise

CNH

USD/CNH mostly drifted higher on Monday post the Asia close. We sit around 7.1430 in early Asia Pac Tuesday trade, having lost 0.12% for Monday's session (in CNH terms). Monday highs were near 7.1475. USD/CNY finished the Monday session at 7.1311, while the NEER (J.P. Morgan index) lost 0.08% to 123.56.

  • USD/CNH remains sub its simple 200-day MA (7.1523), while yesterday's early lows were close to 7.1275.
  • The firmer US yield backdrop for Monday's session, amidst some push back on market pricing for 2024 cuts from Fed officials, aided the further recovery in USD/CNH.
  • Some focus was also on data from the end of last week, which showed onshore banks purchasing just over $23bn foreign exchange for clients in Nov. This is seen as a sign of on-going capital outflow pressures.
  • The local data calendar is quiet until tomorrow's 5yr and 1yr LPR announcements, although no change is expected.
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