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Free AccessUSD/CNH Modestly Off Friday Highs Thanks To Firmer Yen
USD/CNH tracks near 7.3615 in early trade today, after closing near 7.3650 on Friday, a CNH loss of ~0.30% for the session. The currency lost ground against the USD through every session last week. USD/CNY finished up at 7.3439 on Friday. The CNY NEER (J.P. Morgan index) slipped 0.21%.
- CNH is seeing some early modest gains today thanks to a sharp dip in USD/JPY (post hawkish Ueda comments on the weekend). Early moves are modest though for CNH compared to yen's +0.75% gain.
- USD/CNH highs from Friday were near 7.3690, not far from record highs in 2022 of 7.3749. Lows from Friday were near 7.3350.
- Over the weekend August CPI inflation data came out close to expectations, with CPI y/y at 0.1%, same as forecast and -0.3% prior). PPI printed at -3.0% y/y (-2.9% forecast and -4.4% prior).
- Between now the 15th of September, August credit figures are due, with the market looking for a decent rebound in both new loans and aggregate financing as policy support steps up.
- In the equity space, the Golden Dragon Index fell -0.52% in US trade on Friday. To recap the CSI 300 ended last week down -0.49% on Friday to 3740 in index terms.
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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.