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CNH
MNI (London) - USD/CNH nudges away from session highs on headlines confirming the impending Blinken-Xi meeting.
- As a quick reminder, we don’t expect much in the way of meaningful advances in Sino-U.S. relations to come from the meeting, meaning that is probably as much about improving optics as anything else.
- The market seems to share a similar train of thought, preventing any meaningful readthrough into CNH trade.
- Spot last deals just above CNH6.1600, ~350pips higher on the day, with the well-defined technical uptrend in the pair intact.
- Most of today’s onshore trading session was dominated by a feeling of disappointment re: a lack of immediate stimulus announcements at the end of Friday’s State Council meeting (some hope on that front had become apparent in market pricing at the end of last week), with focus now on July’s Politburo meeting re: a potential ground for such announcements.
Fig. 1: USD/CNH
Source: MNI - Market News/Bloomberg
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
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.
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