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Free AccessWeakens, 1yr MLF & Jan-Feb Activity Data On Tap
USD/CNH currently tracks near highs from Tuesday session, last above 6.8800 level. CNH lost 0.4% for the session, unwinding close to a third of Monday's rally. We stopped short of weakening through 6.8900 post the US CPI print though. For the NEER we eased -0.22% to 126.31 (J.P. Morgan index), moving the index off recent highs.
- The main focus today, from a data standpoint, is the 1 yr MLF rate outcome, no change is expected at 2.75%, while volumes are forecast at 325bn yuan.
- We also have the Jan-Feb activity data, with IP, retail sales, fixed asset investment and the jobless rate all on tap. Activity momentum is generally expected to improve as the re-opening gained traction (see this link for more details).
- Local bond markets could also be in focus, given Reuters reports from Tuesday that regulators have asked money market brokers to suspend their data feeds due to data security concerns (see this link for more details).
- In the equity space, the Golden Dragon index recovered further, +0.62% (following Monday's 1.14% rise), but the index level remains sub the simple 200-day MA. Onshore equities also remain below this resistance point, the CSI 300 losing 0.6% yesterday.
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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.