Free Trial
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
CNH
USD/CNH dips are being supported post the PBoC's 7-day repo cut announcement. We currently sit at 7.1730/40, against a high of 7.1782. Dips back towards 7.1650 post the announcement have been supported. Spot USD/CNY is moving quite quickly as, last close to 7.1650. Both CNH and CNY are around 0.25% weaker versus Monday closing levels at this stage.
- For USD/CNH there doesn't seem to be much in the way of upside resistance ahead of the 7.2000 region, see the chart below. Beyond that lies late Nov 2022 highs near 7.2600.
- Ahead of the rate announcement, the PBoC CNY fixing was also set on the weak side, so there doesn't appear to be much in the way of fresh push back to renewed FX weakness in the near term.
Fig 1: USD/CNH Spot Levels
Source: MNI - Market News/Bloomberg
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
We are facing technical issues, please contact our team.
ok
Your request was sent sucessfully! Our team will contact you soon.
ok