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USD/CNH Back Sub 6.9000

CNH

The CNH has continued to strengthen this afternoon. USD/CNH is now back below 6.9000. We broke above this level in early trading on Monday, so we are tracking towards fresh week to day lows (last at 6.8970). HK equities are away from worst levels, although the same can't be said for mainland bourses. Still, US futures continue to tick higher, which is aiding broader risk appetite in the FX space (AUD/USD is at session highs of 0.6880). For USD/CNH, we topped out close to 6.8900 a number of times last week, so this could present some support on the downside if the pair continues to track lower.

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