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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.
CHINA
- In addition to the global risk off environment triggered by the renewed geopolitical tensions and rising recession risks (particularly in Europe), the significant CNY depreciation has been weighing on FM FX in the past month.
- To the exception of the RUB, all EM currencies are down in Q2, with ‘risk on’ ZAR being the worst performing currency, down nearly 10% against the USD.
- Selling pressure on CNY has remained elevated this week, with USDCNY finding resistance at 6.80 on Thursday.
- A break above that level would open the door for a move up to 6.8450, which corresponds to the 61.8% Fibo retracement of the 6.307 – 7.1780 range.
- China easing policy has been mainly reflected in the exchange rate (so far), as equities remain vulnerable in the near term despite the rebound in liquidity this year.
- Hang Seng Index keeps trading below the 20,000 level and is down over 20% since its early February high.
Source: Bloomberg
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.
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