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USD/CNH Inches Through Mar22 High, More Meaningful Resistance Ahead

CHINA
  • USD/CNH inching to the best levels of the day in early US hours, with the pair briefly clearing 6.8942 - the Mar 22 (and FOMC day) high. Further gains here would open more meaningful resistance at the 100- and 200-dmas of 6.9258 and 6.9326 respectively.
  • Moves follow the overnight industrial profits data, which showed January-February profits slipping 23% Y/Y - that's the third fastest pace of decline on record, after only the GFC in '08 and onset of the COVID pandemic in 2020.
  • Additionally, the previously announced RRR cut came into effect Monday, pressuring interbank rates (overnight repo rate dropped to lowest since early January). This effect was compounded by PBOC OMOs, further supporting liquidity in Asia-Pac trade.
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