Free Trial

USD/CNH Settles Into 7.3500/7.3600 Range, 20220 Highs In Focus

CNH

USD/CNH has settled into the 7.3500/7.3600 range post the spike after the CNY fixing outcome (we opened near 7.3420). We hit fresh highs of 7.3612 before moving back into this range. USD/CNY spot has opened up firmer onshore as well, around +0.25% above closing levels from yesterday. This pair last near 7.3465/70, fresh highs back to late 2007. Onshore media highlighted today that the CNY may not see a major rebound against the USD in the near term.

  • The upside ceiling on USD/CNY today is 7.3593, (+2% above today's USD/CNY fixing level).
  • For USD/CNH the upside focus is on 2022 highs, which printed at end October at 7.3749. CNH forward points are elevated though, the T/N at +2.43, albeit below mid August highs. 1m sits at -42.50, up from recent lows, but below August highs.
134 words

To read the full story

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.

USD/CNH has settled into the 7.3500/7.3600 range post the spike after the CNY fixing outcome (we opened near 7.3420). We hit fresh highs of 7.3612 before moving back into this range. USD/CNY spot has opened up firmer onshore as well, around +0.25% above closing levels from yesterday. This pair last near 7.3465/70, fresh highs back to late 2007. Onshore media highlighted today that the CNY may not see a major rebound against the USD in the near term.

  • The upside ceiling on USD/CNY today is 7.3593, (+2% above today's USD/CNY fixing level).
  • For USD/CNH the upside focus is on 2022 highs, which printed at end October at 7.3749. CNH forward points are elevated though, the T/N at +2.43, albeit below mid August highs. 1m sits at -42.50, up from recent lows, but below August highs.