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USD/CNH Hits Fresh Low For The Week, Before Rebounding

CNH

USD/CNH has turned back lower. We hit fresh lows for the week at 7.2679, but sit back above 7.2700 in latest dealings. Onshore spot dipped to 7.2690 but also sits back above 7.2700 now. Onshore equities have stayed in the green but HK trends have been stronger, with the HS Tech up 3%, which appears to be providing more support.

  • For USD/CNH we aren't too far off the 20-day EMA, near 7.2600. The pair hasn't been sub this support level since late July in any meaningful way.

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