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FOREX: USD/CNH High Puts Price in Range of Record Levels

FOREX
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  • Price action Tuesday has been muted, with market closures across Europe keeping volumes low, and participation thin.
  • USD/CNH has drawn interest - The offshore CNH slipped further: USD/CNH had already accelerated upside on the break of the mid-December high, which also coincided with the local onshore close. USD/CNH now well clear of 7.3500 and, importantly, has now topped 7.3682, the Sep 2023 high. This makes 7.3749 the next upside target, above which would mark a record high.
  • China's December PMI data came and went with little fanfare: the composite PMI picked up to 52.2 from 50.8 previously thanks to the outperforming non-manufacturing sector.
  • Datapoints are few and far between - with just the house price index for October and Dallas Fed Services Activity set to cross. 
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  • Price action Tuesday has been muted, with market closures across Europe keeping volumes low, and participation thin.
  • USD/CNH has drawn interest - The offshore CNH slipped further: USD/CNH had already accelerated upside on the break of the mid-December high, which also coincided with the local onshore close. USD/CNH now well clear of 7.3500 and, importantly, has now topped 7.3682, the Sep 2023 high. This makes 7.3749 the next upside target, above which would mark a record high.
  • China's December PMI data came and went with little fanfare: the composite PMI picked up to 52.2 from 50.8 previously thanks to the outperforming non-manufacturing sector.
  • Datapoints are few and far between - with just the house price index for October and Dallas Fed Services Activity set to cross.