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(M2) Correction Extends


Late Session Rebound


(M2) Corrective Cycle Remains In Play


(M2) Gains Still Considered Corrective

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Spot USD/CNH has shed ~90 pips so far, largely as a function of broader USD weakness, and last deals at CNH6.5895. The PBoC fix fell in line with expectations, providing no real impetus.

  • Chinese antitrust watchdog unveiled new regulations to tackle monopolistic practices in the tech sector
  • Elsewhere, local media reported that China may implement measures allowing to remove HK lawmakers from posts, if they are deemed insufficiently patriotic.
  • Finally, it's the famous Singles' Day today and the results will be closely watched as a barometer of the recovery in consumption spending.
  • The key near-term bearish target is provided by Nov 9 low of CNH6.5475, with next support seen at the CNH6.5000 mark. Bulls look for a jump above Nov 9 high of CNH6.6495 before targeting the 50-DMA/Nov 4 high at CNH6.7365/6.7745.
  • China's money supply & financing data will be released at some point during the remainder of this week.
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MNI London Bureau | +44 203-865-3806 |

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