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Tariff Headlines In Focus, But Data Outcomes Helping CNH Outperform

CNH

USD/CNH continues to track familiar ranges, having failed to break down through 6.6800 earlier, we remain above 6.6900 for now. Still, CNH is outperforming other EM Asia currencies and JPY in the session so far.

  • The video call between Liu and Yellen failed to generate much follow through downside in the pair, although the US Treasury account arguably presented a less positive take on the call.
  • The US Treasury statement didn't mention tariffs, although this may reflect the fact a final decision on tariffs is yet to be made.
  • China equities are also lower on the day, not helped by rising covid case numbers in key parts of China, while onshore bond yields also edge higher.
  • The much better than expected Caixin services print (54.5 versus 49.6 expected, and 41.4 previously) didn't stir much positive sentiment either.
  • The data should reinforce the macro outperformance for China in the near term though. The China Citi EASI will recover further following this data (last at -13.40).
  • Since the EASI troughed on June 13th, CNH has comfortably been the best performing EM Asia currency, it is also +2% higher against the yen over this period. CHF is the major only currency which has outperformed CNH since of the middle of last month.
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