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Yuan Happy To Hold Tight Range Despite Greenback Weakness

CNH

USD/CNH slipped early on, as participants have shied away from the greenback, and the rate probed the water below Friday's worst levels. Macro headline flow has been sparse since the Asia open and the PBoC fix provided little impetus, falling in line with expectations. The rate has moved away from lows and last trades flat at CNH6.5516.

  • China National Radio cited Chinese Premier Li as noting that local gov'ts should improve policies to achieve this year's main economic targets. Per the report, Li made the remarks during a meeting with officials from Heilongjiang, Shandong, Hunan, Guangdong and Yunnan provinces.
  • Bears see Nov 18 low of CNH6.5321 as their initial target and a break here would expose the psychological CNH6.5000 level. Bulls need a clearance of Nov 19 high of CNH6.5910 before taking aim at Nov 12 high of CNH6.6349.
  • Data-wise, focus moves to Friday's Chinese industrial profits.
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