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Tight G-10 Ranges, JPY Outperforming

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Muted Start

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USD/CNH Eyeing 7.3000 Level, Onshore 10yr Yield Close to YTD lows

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USD/CNH got to a high of 7.2933 post the weaker than expected PMI releases. We are now back to 7.2850. Dips in the pair are generally supported though. Onshore spot is gravitating higher as well. We last at 7.2670/80, around +0.20% above closing levels from last week.

  • 7.3000 is likely to be the upside focus point for both pairs, although arguably more so USD/CNY. Recall last week the breach of this level appears to have spurned USD selling from state banks. So, moves to this region may prompt further resistance.
  • Today's PMIs will underscore concerns around the economic backdrop for China, with calls around fresh policy to linger.
  • Onshore bond yields are lower today, but more so in the back end, 10yr down 3bps to 2.64%. Note lows from mid-August/early September come in around the low 2.60% region.
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USD/CNH got to a high of 7.2933 post the weaker than expected PMI releases. We are now back to 7.2850. Dips in the pair are generally supported though. Onshore spot is gravitating higher as well. We last at 7.2670/80, around +0.20% above closing levels from last week.

  • 7.3000 is likely to be the upside focus point for both pairs, although arguably more so USD/CNY. Recall last week the breach of this level appears to have spurned USD selling from state banks. So, moves to this region may prompt further resistance.
  • Today's PMIs will underscore concerns around the economic backdrop for China, with calls around fresh policy to linger.
  • Onshore bond yields are lower today, but more so in the back end, 10yr down 3bps to 2.64%. Note lows from mid-August/early September come in around the low 2.60% region.