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USD/CNH Pushes Above 6.9300, But Doesn't Test Post Payroll Highs

CNH

USD/CNH got to fresh highs of 6.9310, before selling interest emerged. The pair last back at 6.9280/90. Note post US payroll highs in the pair came in just under 6.9330. The pair opened closer to 6.9200. Onshore USD/CNY spot is also tracking higher, last around 6.9240.

  • Weaker HK equity sentiment and an indifferent start for onshore shares is likely weighing at the margin, although we are away from session lows for the HSI. Dalian Wanda group, a property group is also in talks with banks on loan relief amid a challenging funding/liquidity outlook.
  • Also note we had a slightly weaker than expected CNY fixing earlier, which be an added headwind at the margins.
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