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USD/CNH Prints Nine-Day High

CNH

Spot USD/CNH has crept higher and currently trades +93 pips at CNH6.4032, off its earlier session/nine-day peak located at CNH6.4045.

  • Further gains past Oct 19 high of CNH6.4290 would shift bullish focus to the 50-DMA at CNH6.4452. Meanwhile, a fall through Oct 19/trendline support at CNH6.3687/77 would represent a notable bearish development.
  • Taiwan Pres Tsai poured fuel on regional geopolitical tension by confirming to CNN that U.S. troops are present on the democratically governed island for training purposes. This comes after China publicly condemned U.S. current stance towards Taiwan.
  • The Securities Times downplayed the importance of a recent surge in wholesale vegetable prices, noting that it will have a limited impact on headline CPI, while price pressure will ease after the Chinese New Year.
  • The PBOC set their central USD/CNY mid-point at CNY6.3957, 8 pips above sell-side estimate.
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