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USD/CNH Eyeing Early October Lows

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USD/CNH touched a fresh low of 7.0250, before stabilizing somewhat, the pair last around 7.0300. This is around 0.90% lower than NY closing levels, and the pair is still eyeing a test of the early October lows just above 7.0100. Renewed equity market gains appear to have aided the CNH move. CNH is outperforming most of the majors, which are seeing a more consolidative tone against the USD.

  • In the USD/Asia space, only spot USD/TWD (-1.04%) is down by more than USD/CNH so far today, but some of this reflects catch up with overnight moves on Friday.
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USD/CNH touched a fresh low of 7.0250, before stabilizing somewhat, the pair last around 7.0300. This is around 0.90% lower than NY closing levels, and the pair is still eyeing a test of the early October lows just above 7.0100. Renewed equity market gains appear to have aided the CNH move. CNH is outperforming most of the majors, which are seeing a more consolidative tone against the USD.

  • In the USD/Asia space, only spot USD/TWD (-1.04%) is down by more than USD/CNH so far today, but some of this reflects catch up with overnight moves on Friday.