MNI BRIEF: Inflation Risks Now Shifted To Downside-BOE Ramsden

MNI: Goolsbee Says Stalled Inflation Means Wait Before Moving

MNI China Daily Summary: Friday, April 19

MNI BRIEF: China Hog Market More Balanced In Q2 - Ministry

MNI: PBOC Conducts CNY2 Bln Via OMO Fri; Liquidity Unchanged

CHINA PBOC INJECTS CNY2 BILLION VIA 7-DAY REVERSE REPOS FRI

MNI: BAKER HUGHES US RIG COUNT 619; OIL RIGS 511; GAS RIGS 106

EZ/UK Bond Supply Calendar: EU, UK Synd W/C 22 Apr, BoE APF Mon

EZ/UK T-Bill Calendar: Germany, France Auction on Monday

RPT-MNI: Canada Sticks To Fiscal Anchors, Spends Chunk Of Windfall

MNI BRIEF: Poilievre Calls QE 'Scam' And Would Limit BOC Remit

MNI: Growth Drag From Net Zero Carbon Goal Can Be Offset-OECD

© 1982-2023 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

CNH Falls Against Safe Havens

CNH

USD/CNH followed broad USD gyrations post the Asia close. We got close to 6.7300 before sliding back to 6.6800. We currently sit just below 6.6900.

  • CNH underperformed safe havens in the G10 space. CHF/CNH bounced strongly following the SNB’s hawkish rate hike, while CNH/JPY once again couldn't sustain levels above 20.00 and EUR/CNH also rebounded back above 7.00.
  • A lot will depend on today's BoJ meeting for near term direction in CNH/JPY though.
  • Still, the extent to which other major central banks are turning more hawkish (beyond just the Fed), may highlight the policy divide with China. The general consensus still appears to be for further easing in H2 from the PBOC.
  • Onshore retailers are highlighting the weak consumer demand backdrop, while the US envoy to China expects the country to persist with its Covid-zero strategy into 2023.
  • This comes after it was reported earlier in the week that Shanghai will mass test the whole city weekly until the end of July to prevent Covid cases resurging.
EM BulletHomepagemarkets-real-timeFixed Income BulletsCommoditiesBulletMarketsEmerging Market NewsForeign Exchange Bullets
EM BulletHomepagemarkets-real-timeFixed Income BulletsCommoditiesBulletMarketsEmerging Market NewsForeign Exchange Bullets

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.