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USD/CNH Sticking To Recent Ranges

CNH

USD/CNH has been range bound to start the day. Dips to 6.6950 are still supported but we remain close to 6.7000 for now. Most of the post Asia close yesterday was spent drifting lower in the pair from levels above 6.7100.

  • Today's data calendar is once again quiet, with just Q1 BoP revisions on tap. It's not until next Thursday when PMI prints are due for June, that we have potential market moving data.
  • President Xi appeared to give growth sentiment a lift yesterday by stating at the BRICs forum that policymakers may need to step up to meet economic goals set out earlier in the year.
  • This, coupled with lower USD/JPY levels, helped USD/CNH drift lower.
  • No doubt the market will want to see concrete steps around further policy support though and market forecasts don't suggest growth targets can be met. The latest consensus estimate is 4.17% for 2022 GDP growth, versus an official target of 5.5%.
  • Iron ore bounced strongly late yesterday, up to highs of +$118/tonne, but we are back at a $115/handle now.
  • The China Golden Dragon index also rose by just over 3% in NY trading, although broader China equity outperformance against the rest of the world has slowed this past week.
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