Free Trial

USDCNH is trading back within its........>

CHINA YUAN
CHINA YUAN: USDCNH is trading back within its recent range despite the
broad-based dollar rally that briefly saw USDCNH spike to 6.9048 before giving
back gains. The pair trades at 6.8867 with support coming in at the upward
sloping 55-dma at 6.8480. 
- The yuan's stability in recent trading amid a strong dollar globally has seen
yuan crosses reverse their recent gains, with EURCNH dropping back below 8.0 to
shift the focus back to the downside. GBPCNH has also lost its grip on 9.0 and
is coming under renewed downside pressure. 
- The resumption of Chinese equity weakness is another factor weighing on the
yuan, with the HSI shedding another 0.5% in early trading. 
- The balance of risks seems to favour a resumption of upside in USDCNH. A close
above 6.90 would be a bullish move.  

To read the full story

Close

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.