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USDCNH Rises To Fresh 2023 Highs Above 7.15

CNH
  • Renewed pressure on major global equity indices, the move higher in U.S. Tsy yields and the bounce for the greenback have all led USD/CNH back towards the day’s highs with the pair now printing fresh YtD highs at 7.1510 as of writing.
  • Overnight we noted that dips towards CNH7.1100 had been well supported. Price action was aided by BBG source reports suggesting that “U.S. Secretary of State Antony Blinken plans to visit China in the coming weeks for talks with top officials, possibly including President Xi Jinping,”
  • The pair moved back above CNH7.1300 in the wake of a much narrower than expected Chinese trade surplus in May, with exports much softer than expected and imports providing a shallower than expected Y/Y fall. More on that here.
  • The CNY mid-point fixing was neutral once again, with the PBoC continuing to refrain from providing any meaningful lean against the recent run of yuan weakness via this mechanism.
  • A sustained break above 7.1500 would then expose bull channel top resistance, currently located at CNH7.1665. It is worth noting that both domestic PPI and CPI data for May will cross on Friday.
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