MNI BRIEF: Fed's Goolsbee Sees Rates Down 'Fair Amount' In '25

MNI BRIEF: December Fed Cut 'Absolutely Not' Off Table - Daly

MNI China Daily Summary: Tuesday, Dec 3

MNI BRIEF: China-Based UK Firms Facing Challenges

MNI: PBOC Net Drains CNY248 Bln via OMO Tuesday

MNI: PBOC Sets Yuan Parity Higher At 7.1996 Tue; -1.92% Y/Y

EZ/UK T-Bill Calendar: Greece, EU Auction on Wednesday

EZ/UK Bond Supply Calendar: UK, Germany Auction on Wednesday

MNI: US BLS: JOLTS OPENINGS RATE 7.744M IN OCT

MNI EXCLUSIVE: EU-Mercosur Deal Close, But Likely Short-Lived - Officials

AUSTRALIA: 2025 Election Outcome Looking More Uncertain According To Newspoll

© 1982-2024 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

USD/CNH Pressured As Powell Comments Pressure Greenback

CNH

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.
EM BulletFixed Income BulletsHomepageBulletMarketsEmerging Market NewsForeign Exchange Bullets

To read the full story

Close

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.