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USD/CNH Reverses Early Weakness

CNH
  • USD/CNH has now entirely reversed the headline driven move lower headed into the NY open. Initial slip to 6.6686 was prompted by news that China had shortened the quarantine time for inbound visitors (stoking expectations of a further opening up of the economy). This also lent support to Chinese equities, with the CSI 300 adding 1% at the close.
  • CNH strength now completely reversed, with USD/CNH at session highs of 6.7039 at typing. Follows combative headlines from the Foreign Ministry today ("NATO view of China follows old Cold War mentality") as well as G7's commitment to Taiwanese independence ("G7 underscores importance of stability across Taiwan Strait").
  • Meanwhile, Li stated that China will urge further efforts on job stabilization - suggesting easy policy (both fiscal and monetary) will persist.
  • USD/CNH nearing next resistance at 6.7342 - the June 22 high and 6.7275, the 50% retracement for the May - June downleg.
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com

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