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USD/CNH Rebounds Towards 6.7800, Geopolitics In Focus

CNH

USD/CNH rebounded back towards 6.7800 overnight, currently tracking just above 6.7750. We are up a little over 0.40% in the past 24 hours. This is in line with broader USD strength (particularly against the EUR), although we continue to see CNH unwinding recent outperformance, see the chart below.

  • Late last week USD/CNH probed above 6.7800, but ran out of steam. This is likely to be a near term focus point, while on the downside the pair has bounced from just beneath 6.7400 a couple of times this week.
  • Geopolitics will remain in focus. US President Biden stated he expects to talk to China President Xi in the next 10 days. Such an outcome may also coincide with some type of US tariff announcement.
  • US President Biden also stated the US military has advised House Speaker Pelosi's planned trip to Taiwan may not be a good idea in the current environment. China's ambassador to the US stated the country is undermining the 'One China' policy through its support for Taiwan.
  • Data releases today, Swift global payments in CNY, while FDI for June is also due either today or tomorrow, are unlikely to move market sentiment.

Fig 1: USD/CNH & DXY Trends

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USD/CNH rebounded back towards 6.7800 overnight, currently tracking just above 6.7750. We are up a little over 0.40% in the past 24 hours. This is in line with broader USD strength (particularly against the EUR), although we continue to see CNH unwinding recent outperformance, see the chart below.

  • Late last week USD/CNH probed above 6.7800, but ran out of steam. This is likely to be a near term focus point, while on the downside the pair has bounced from just beneath 6.7400 a couple of times this week.
  • Geopolitics will remain in focus. US President Biden stated he expects to talk to China President Xi in the next 10 days. Such an outcome may also coincide with some type of US tariff announcement.
  • US President Biden also stated the US military has advised House Speaker Pelosi's planned trip to Taiwan may not be a good idea in the current environment. China's ambassador to the US stated the country is undermining the 'One China' policy through its support for Taiwan.
  • Data releases today, Swift global payments in CNY, while FDI for June is also due either today or tomorrow, are unlikely to move market sentiment.

Fig 1: USD/CNH & DXY Trends

Keep reading...Show less