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Yuan In Retreat Despite Appreciation Bias In PBOC Fix, Yen Goes Offered After Holiday

FOREX

Offshore yuan went offered despite the PBOC's continued efforts to push back against its depreciation via the daily USD/CNY fixing. Spot USD/CNH ripped through the CNH6.7000 figure for the first time since Nov 2020, which generated an incremental tailwind for USD crosses across the board, keeping the DXY close to its recent cycle highs. Gains for USD/CNH were capped at CNH7339 and the pair eased off from there, while consolidating above CNH6.7000.

  • The yen went offered as Japanese financial markets re-opened after a three-day hiatus. USD/JPY extended its rally after yesterday's swing into a weekly gain. This puts the rate on track for a ninth consecutive week of gains, the longest uninterrupted winning streak since 2013.
  • Sterling regained poise with BoE monetary policy decision & accompanying gloomy economic forecasts already in the rear-view mirror. Vote counting began overnight after the UK held local elections on Thursday.
  • U.S. NFP repot headlines the global data docket on Friday, with Canada also due to report its labour market figures.
  • There is plenty of central bank speak coming up today, from a diverse cohort of Fed, ECB, BoE & Riksbank members.
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