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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,
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