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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.
CNH
USD/CNH continues to oscillate around the 50-day MA. This level comes in at 6.6801. We have been as low as 6.6770 today, but last tracked back above 6.6800, as China equities give back some of their earlier gains.
- It may be the case the 50-day MA level is not an important one from a technical standpoint. After all, in recent weeks dips below 6.6700 have been supported, while in May the pair spent little time sub 6.6500.
- Still, as the chart below highlights, back in mid-March the break above the 50-day MA kicked off a decent bounce in USD/CNH. We also couldn't get back below this level once we had broken higher. Hence it could be an important inflection point for the market.
Fig 1: USD/CNH & The 50-Day MA
Source: MNI - Market News/Bloomberg
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.
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