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Yuan Holds Tight Range In Asia

CNH

Spot USD/CNH has been happy to hug a fairly tight range and last trades just ~20 pips worse off at CNH6.5793. The rate has recovered from the session low of CNH6.5707, printed amid an optimistic reception of the news that the transition process in the U.S. has formally begun. The PBoC fell in line with expectations, providing little to no impetus.

  • As a reminder, on Monday DJ cited White House sources as noting that the Trump administration is considering fresh moves against China by the time Pres Trump's term expires. The main initiative would involve creating an informal coalition of Western nations which could jointly retaliate against Chinese attempts to use its trading power for coercive purposes.
  • Elsewhere, BBG reported that the UK is mulling implementing a ban on Huawei 5G equipment next year to appease MPs advocating tighter restrictions on the tech giant.
  • Bears look for a dip through Nov 18 low of CNH6.5321 & trendline support at CNH6.5152 before targeting the round figure of CNH6.5000. Bulls need a jump above Nov 19 high of CNH6.5910 before taking aim at Nov 12 high of CNH6.6349, followed by Nov 9 high of CNH6.6495.
  • On the data front, focus in China moves to industrial profits, due Friday.
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