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USD/CNH Dips Sub 6.9000 Supported, Caixin PMI Out Today

CNH

The early tone to USD/CNH is to the upside. The pair is back above 6.9100, amidst broad USD strength and equity market weakness. Post the Asia close yesterday, dips in the pair were supported back ahead of the 6.8900 level.

  • The authorities have managed to stabilize sentiment via the fixing mechanism over recent sessions. This will again be a focus today, with a cumulative -426pips in downside surprises over the past two sessions (in USD/CNY terms).
  • Note that Bloomberg reports that onshore banks were not selling dollars into the onshore close yesterday. The 4:30pm close printed at 6.8905.
  • Elsewhere, the focus will be on US-China tensions, following news that the US is limiting what type of chips US companies can sell to China. The China Golden Dragon Index was up +2.88% overnight.
  • Note the Caixin manufacturing PMI prints today. The market expects a 50.0 outcome versus 50.4 previously.
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