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Free AccessUSD/CNH Lower In Line With DXY Trend
USD/CNH dipped sub 6.7500 briefly on Friday during the NY session before rebounding back above 6.7600. We currently track around 6.7630, little changed since the start of the session.
- To recap, weekend developments were focused on the potential Pelosi visit to Taiwan and what that could mean for US-China relations. The US administration appears somewhat divided over the trip, following comments late last week from Biden which indicated the US military had advised against the trip.
- Onshore further covid testing will take place in Shanghai this week. We noted last week that metro rail traffic volumes in the city remained below Jan/Feb levels form this year.
- The property sector will also be in focus with Evergrande CEO and CFO resigning at the end of last week. The company has stated previously that it was on track to deliver a restructuring plan by the end of July.
- There is no data out today, with industrial profits due to print on Wednesday. The main focus though will be on PMI prints though for July, which start printing this Sunday.
- In the vol space, things remain fairly benign. The 1 month implied sits within recent ranges, at 6.60%, well down from +8% highs from earlier in the year. The risk reversal is at +1.30, down from recent highs of +1.46.
- All in all, the market doesn’t appear to be expected a sharp USD/CNH move through 6.8000, which is line with the DXY moving off its highs last week.
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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.