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USD/CNH Drifts Lower, But Doesn't Breach Thursday Lows


USD/CNH has drifted lower in recent dealings, just under 7.2700. We haven't tested Thursday session lows yet, with today's low at 7.2693, versus Thursday's print of ~7.2686. As we noted earlier this zone has been a support point which has held in recent weeks. The 20-day EMA is also very close at 7.2718. Later on, the focus will be on the CNY fixing, the Caixin PMI print and the tone to local equities following the eased mortgage rules and deposit rate/mortgage rate cuts.

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