USD/CNH drops below 6.9200 on China PMI, recession woes, hawkish Fedspeak test bears – by anilpanchal7 USDCNY PMI Recession Coronavirus Fed
oing so, the offshore Chinese yuan pair snaps a three-day uptrend around the highest levels in two years.
Firmer data from China also joined cautious optimism in the markets to weigh on the USD/CNH prices. However, challenges emanating from China’s covid conditions and the Sino-American tussles over Taiwan and the hawkish Fed seem to keep the pair buyers hopeful. On the other hand, firmer US data allowed the Fed policymakers to defend their aggressive bias toward the rate hike.
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