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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.
CNH
No meaningful reaction in USD/CNH after the U.S. flags an impending international trip for U.S. Secretary of State Blinken (16-21 June) which will include stops in the UK and China. Blinken’s trip to China had been well telegraphed and isn’t expected to generate a meaningful stepdown in the well-documented areas of Sino-U.S. tension (although it is an incremental positive after the cancellation of a Blinken’s previously planned trip earlier this year).
- USD/CNH remains in the well-defined uptrend channel (on a closing basis), with the upper boundary of that channel coming in at CNH7.1777 today. Beyond there, yesterday’s YtD high (7.1789) has capped the rate on rallies today, with the cross last showing at CNH7.1685.
- The ultimate scope of the seemingly impending fresh Chinese easing campaign continues to dominate when it comes to focus surrounding the world’s second largest economy, as policymakers look to extend/solidify the post-COVID economic rebound after a worrying run of economic data in recent weeks.
Fig. 1: USD/CNH
Source: MNI - Market News/Bloomberg
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
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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