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USD/CNH Gets Above 7.0600 Before Gains Are Curbed, CNY NEER To Fresh YTD Low

CNH

(MNI Australia) USD/CNH got to fresh highs above 7.0600 post the Asia close, before selling interest curbed gains. We spent the latter part of the NY session fairly close to 7.0500, which is where the pair currently tracks. CNH lost 0.60% against the USD for Thursday's session. The pair was weighed by broad USD gains/higher and weaker China equity sentiment.

  • Technically, USD/CNH is approaching the neckline of a former head and shoulders reversal pattern. The line intersects at 7.0655 and if this level is breached, it would signal scope for a climb further out towards the top of a bull channel that is drawn from the Feb 2 low.
  • Onshore USD/CNY spot closed at 7.0375. The CNY NEER fell to 123.815 (J.P. Morgan index), -0.27%, which is fresh YTD lows.
  • China State TV reported China Premier Li stating that the authorities will adopt more targeted measures to boost the economy, although it didn't give any fresh details on planned policies.
  • The local data calendar is quiet today, but there will be some focus on next week's meeting in Washington between Commerce Ministers and Trade Representatives from both China and the US.
  • Elsewhere though, the US and Taiwan agreed to boost trade ties, with the aim of strengthening the US-Taiwan economic relationship. This may draw verbal rhetoric from the China authorities.
  • The China Dragon Index fell 3.51% in US trade, with Alibaba's earning came in a touch below market estimates.
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