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USD/CNH Edges Up, Fixing & PMIs Coming Up, Before Holiday Period Next Week

CNH

USD/CNH has seen buying interest since the open, as has been the pattern this week, although flows are arguably more modest today. The market may be a little more wary given the overnight intervention warning. We were last at 7.1120, around +0.20% on NY close levels.

  • From a level’s standpoint, highs just under 7.1500 could cap the topside in the near term, as we couldn't get past this level post the intervention warning late yesterday. On the downside, last Friday's low comes in just under 7.0800. Beyond that is the low 7.0600 region.
  • Today's USD/CNY fix will be the last until the 10th of October, as China onshore markets are closed for all of next week.
  • Shortly after the fixing, the September PMI's will print.
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