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Free AccessUSDCNH remains close to recent highs,......>
CHINA FX: USDCNH remains close to recent highs, currently trading at 6.4522
which coincides with its 200DMA. The escalation of the China-US trade conflict
has failed to significantly impact the pair. However, risks appear tilted to the
downside for the yuan from both a short- and medium-term perspective.
- Last week USDCNH took out a major resistance zone between the May 30 high of
6.4340 and the September 2017 low of 6.4430. Should the 200DMA give way, which
looks increasingly likely, this would confirm the beginning of a yuan bear
market.
- While the currency pair has not been particularly responsive to the
increasingly intense trade spat between China and the US, on balance it is
likely to prove yuan negative given the country's higher degree of trade
openness and reliance on price-competitive exports. There is also a small but
growing risk that Beijing looks to combat trade tariffs by weakening the yuan in
order to maintain its export competitiveness.
To read the full story
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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.