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USD/CNH Holding Near YTD Highs

CNH

USD/CNH prints at 7.3396/7.3427, the pair is little changed from opening levels in a stable start to Friday's dealing.

  • Yesterday the pair continued to nudge higher through the session, looking through another firmer than forecast Yuan fix by the PBOC. USD/CNH is holding a touch off YTD highs after rising ~0.2% on Thursday.
  • The pair remains in a strong uptrend, bulls look to break the 2023 high (7.3497) to target the high from 25 Oct 2022 (7.3749). Bears first target the 20-Day EMA (7.2908).
  • In the equity space the Golden Dragon fell ~4% on Thursday, the sell off came after data showed China's exports dropped 8.8% from a year ago, a sign of continued weak demand for products made in China.
  • The local docket is empty today.
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