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Free AccessUSD/CNH Runs Into Resistance Near 7.00
USD/CNH spent the post Asia close continuing to push higher. We got just above 6.9960 in NY trading before selling interest emerged. There continues to be resistance ahead of the 7.00 handle. We settled into the close around 6.9860/70, which is where we currently track. All in all, the pair continues to respect recent ranges as liquidity lightens heading into year end.
- The 1 month risk reversal continued to recover though, now back to +1.10 and near early November highs. Recent lows sit just under +0.60.
- The Standard Chartered China SME survey improved a touch in December to 49.31 from 49.16 in November. This ends the run of falls for the Index recorded since July.
- State TV reported that the authorities urged the implementation of policies to support to economy and utilize existing policies more effectively. This followed a state council meeting reportedly chaired by Premier Li Keqiang per Bloomberg reports.
- Elsewhere PBoC Governor Yi Gang stated the central bank will guide the financial sector to support M&A activity in the property sector and aid financial conditions for developers.
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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.