FREELAND: CANADA WON'T ESCALATE OR BACK DOWN ON US TRADE FIGHT

MNI: PBOC To Aim To Drive Inflation Higher- Advisors

MNI: China To Issue More Bonds As Stimulus Targets Consumption

MNI: PBOC To Aim To Drive Inflation Higher- Advisors

MNI: China To Issue More Bonds As Stimulus Targets Consumption

MNI BRIEF: China Nov M1 Decline Narrows, M2 Slows

EZ/UK T-Bill Calendar: 8/13/28/50-Week BTF Auction on Monday

EZ/UK Bond Supply Calendar: 4.125% Jul-29 Gilt Due on Tuesday

MNI: CANADA OCT WHOLESALE SALES +3.3%; EX-AUTOS +0.5%

MNI EXCLUSIVE: EU-Mercosur Deal Close, But Likely Short-Lived - Officials

AUSTRALIA: 2025 Election Outcome Looking More Uncertain According To Newspoll

© 1982-2024 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

USD/CNH Touches New Cycle High as Fix Comes in Notably Higher

FOREX
  • USD/CNH printed a new cycle high at 7.3623 early Friday, narrowing the gap with key resistance and the bull trigger at 7.3749. Clearance here would put the pair at the highest levels since 2007, however a sell-on-rallies theme has emerged, with the pair off the best levels headed into the NY crossover. Chinese inflation data will cross over the weekend, with CPI expected to exit a deflationary state and the degree of PPI deflation expected to ease again.
  • The greenback sits modestly softer, however the USD Index remains comfortably inside the broader up-trend posted off the mid-July lows. The JPY underperforms, shaking off any strength built earlier in the week via verbal intervention from cabinet ministers Matsuno and Kanda.
  • USD/JPY slipped to overnight lows of 146.60 alongside the notably higher USD/CNY fix, but has recovered all losses headed through to NY hours, keeping the underlying uptrend intact to finish the week.
  • NZD, AUD are among the session's best performers, however the overnight high for AUD/USD at 0.6415 remain well inside the week's early ranges.
  • Focus for the session ahead turns to the Canadian jobs release for August, and final US wholesale inventories and trade sales data for July. Fed's Barr is the sole central bank speaker,
Energy BulletsCommodities
Energy BulletsCommodities

To read the full story

Close

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.