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USD/CNH Pressured As Powell Comments Pressure Greenback

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USD/CNH prints at 6.72 little changed from NY closing levels, after falling ~0.6% in yesterday's trade.

  • The pair was pressured through yesterday's trade, despite the weaker than expected Caixin PMI print.
  • Broad based USD weakness, as Fed Chair Powell noted "the disinflation process has begun" and he didn't push back on the easing of financial conditions, saw the pair extend losses printing a session low of 6.7147 before paring losses to current levels.
  • Bears can now target the low on Jan 16 at 6.6975. Bulls first target 20-day EMA at 6.7826 to turn the tide.
  • Elsewhere the Golden Dragon Index rose ~4%, reflecting the risk-on flows we saw in the aftermath of Powells press conference.
  • The domestic data calendar is empty today. The Jan Caixin Composite and Services PMIs on Friday provide the next data of note.
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USD/CNH prints at 6.72 little changed from NY closing levels, after falling ~0.6% in yesterday's trade.

  • The pair was pressured through yesterday's trade, despite the weaker than expected Caixin PMI print.
  • Broad based USD weakness, as Fed Chair Powell noted "the disinflation process has begun" and he didn't push back on the easing of financial conditions, saw the pair extend losses printing a session low of 6.7147 before paring losses to current levels.
  • Bears can now target the low on Jan 16 at 6.6975. Bulls first target 20-day EMA at 6.7826 to turn the tide.
  • Elsewhere the Golden Dragon Index rose ~4%, reflecting the risk-on flows we saw in the aftermath of Powells press conference.
  • The domestic data calendar is empty today. The Jan Caixin Composite and Services PMIs on Friday provide the next data of note.