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USD/CNH Finds Selling Interest Above 7.3300

CNH

USD/CNH remains largely range bound. The pair did briefly push above 7.3300 in NY trade but this was short lived. We slumped back to ~7.3125 as USD/JPY fell sharply. We last tracked near 7.3200, little changed versus closing levels on Monday.

  • China markets remain closed for the rest of this week, amid the Golden Week holiday period.
  • In US trade on Tuesday, the Golden Dragon equity index fell 2.24%, as broader equity sentiment faltered. Hong Kong markets were noticeably weaker yesterday, the HSI down 2.69%, as markets returned from the long weekend.
  • On-going property market concerns weighed on equity sentiment in Hong Kong yesterday. September data continued to show depressed mainland property sales, albeit with a slight improvement on August outcomes.
  • This offset more positive news around anecdotes of increased spending over the current holiday period.
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