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MNI DATA FORECASTS: Flash PMIs In Market's Eyesight
USD/CNH Near Multi-Week Highs, US-China Tensions In Focus
(MNI Australia) USD/CNH spent most of the post Asia close on Friday maintaining a positive footing. The pair got close to 6.8300, before easing into the close. We are little changed in the first part of trading today, currently around the 6.8240/50 region. This was mostly in line with broader USD gains, with the CNY NEER down only slightly to 126.16 (J.P. Morgan index).
- Near term focus is likely to remain on the downing of alleged spy balloons. Additional balloons/objects were shot down over the US and Canada over the weekend. The China authorities also reported a flying object near a naval base late on the weekend (see this link for more details). The authorities are prepared to shoot down the object.
- These incidents have seen US-China tensions edge higher and there will be concern that further restrictions may be announced by the US authorities on technology related exports to China.
- The China Dragon Index fell 3.66% in US trade on Friday, as onshore equities ended Friday's session softer.
- On the data front, aggregate financing and new loans data, released late on Friday, beat expectations (5980bn yuan, versus 5400bn yuan forecast for aggregate finance), but didn't have a large impact on sentiment.
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