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USD/CNH Recovers Further, Weaker Local Equities Weigh

CNH

USD/CNH was last around the 7.1790/00 region, just under session highs. This puts us back close to highs from last Thursday. Note pre US CPI levels from last Wednesday were a touch below 7.2000. Friday lows were just under 7.1230, while earlier today dips to 7.1485 were supported.

  • Onshore equities are tracking lower by 1.09% for the CSI 300 at the break. HK markets are out due to a storm, which is likely impacting CNH liquidity.
  • Equity weakness, coupled with mixed data earlier is likely weighing. Soft points in terms of retail spending and housing activity are likely to see stimulus calls persisted with. The CNY fixing was set firmer, but at the narrowest level (relative to expectations since late June), which is likely to weighed on CNH as well.
  • Earlier in the session CNH was tracking a firmer yen backdrop but this hasn't persisted post the data outcomes.
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