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USD/CNH Slightly Heavy, PBOC Fix Comes In Marginally Firmer Than Expected

CNH

Spot USD/CNH has lost ground over the last hour or so and last sits at CNH6.4894, ~20 pips lower on the day. Macro headline flow has been rather sparse, providing little in the way of notable catalysts.

  • Bears look for a slide through Aug 11 low of CNH6.4728, which would bring Aug 4/Jul 30 lows of CNH6.4536/10 into play. Bulls need a clearance of yesterday's high of CNH6.4965 before targeting Jul 27 high of CNH6.5287.
  • The PBOC set their central USD/CNY mid-point at CNY6.4915 today, 15 pips shy of sell-side estimate. The marginally firmer than expected fixing may have applied some very modest pressure to USD/CNH.
  • Pres Xi said at yesterday's meeting of the CPC Central Committee for Financial and Economic Affairs that China has to pursue "common prosperity" which assumes fair distribution of wealth.
  • As a reminder, the PBOC will announce their next LPR fixing on Friday.
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