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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.
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Free AccessUSD/CNH Retraces From Fresh Cyclical Highs, Onshore Markets Closed For The Rest Of This Week
USD/CNH tracked lower post the Asia close, after hitting fresh highs around 7.2035/40 during the Asia Pac/London cross over. We got back sub 7.1800, which is where we currently track. This left CNH a touch firmer against the USD for the Wednesday session. USD/CNY finished up just under 7.1800, while the CNY NEER (J.P. Morgan Index) held steady, just above 121.04.
- Note onshore markets are closed today for Dragon Boat celebrations, returning on Monday. Hong Kong markets are also closed today, but return tomorrow. This is likely to impact liquidity in the CNH space.
- Focus is likely to rest on stimulus outcomes over the coming weeks.
- High level China officials are reportedly focused on boosting consumption. We did see tax breaks extended for NEV's through to 2027 yesterday.
- To recap, onshore equities recording a sharp 1.53% correction yesterday, while the Golden Dragon index fell a further 1.17% in US trade. This index is now back sub its simple 200-day MA.
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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.