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USD/CNH Rebounds, Biden/Xi To Talk On Thursday

CNH

USD/CNH got above 6.7700 late in NY trading, in line with broad USD strength. CNH is following the DXY trend for the most part. We are back under 6.7700 now but dips in the pair are being supported (last 6.7680). Yesterday's low was just above 6.7450, while on the topside, selling interest has been evident above 6.7800 recently.

  • The near term focus for CNH watchers will rest on Thursday's scheduled call between US President Biden and China President Xi.
  • Taiwan is likely to be high on the agenda, particularly given uncertainty around whether Pelosi's trip will actually take place, and if it does, China's reaction to such a trip.
  • A US National Security spokesperson stated that tariffs were unlikely to be among the issues discussed on the call. Still, the market will remain mindful some type of US announcement could be made around the timing of the call. Most commentary suggests the Biden administration is close to making an announcement.
  • On the data front, China industrial profits print today for June, although the series is not typically a market mover.
  • There could be some focus on covid related restrictions in the manufacturing hub of Shenzhen. The local government is asking top companies to restrict employees to operate on a closed loop or bubble system to prevent case numbers spiking further for the next 7 days.
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