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USD/CNH Rebounds Amid Broad USD Gains, Covid Headwinds

CNH

USD/CNH sits close to overnight highs, last around the 7.2720 level. Highs we just shy of the 7.2800 level overnight. Dips yesterday were supported under 7.2400. In NEER terms the CNY edged back up by 0.20% (J.P. Morgan Index), amid a broad USD rebound. This only unwinds a small part of the -2.1% drop over the previous two sessions.

  • The data calendar is quiet today, although credit figures are due anytime between now and November 15th. The market expects slower aggregate financing (1600bn yuan forecast, against 3527.1bn yuan previously). New loans are expected to ease as well (800bn yuan forecast from 2473.8bn yuan prior).
  • This will leave the focus on onshore Covid developments. The city of Guangzhou locked down a third district late yesterday, while schools in 8 districts will be suspended from today. There are fears the city is heading towards a Shanghai style lockdown.
  • For today's CNY fixing, the 4:30pm spot level onshore yesterday was 7.2380, so lower from the previous session, but the broader USD is firmer (+0.70% for the DXY).
  • Local equities finished lower yesterday (-0.94% for the CSI 300), while the Golden Dragon index lost 6.80% overnight.
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