USD/CNH seesaws around 6.7000 as PBOC struggles to impress bulls ahead of Fed Minutes, US NFP By anilpanchal7 USDCNY Recession PBOC Fed NFP
could also be linked to the market’s risk-off mood and a light calendar. However, the US holiday and the People’s Bank of China’s move appear to have challenged the momentum traders of late.
That said, the PBOC announced on Monday that it has upgraded a currency swap facility with Hong Kong to a standing swap agreement and expanded the size to 800 billion yuan from 500 billion yuan, per Reuters.However, news suggesting an increase in covid cases in China’s Anhui province joins Russia’s claim of having complete control over Lysychansk to weigh on theIt’s worth noting that the US PMIs triggered risk-aversion the previous day and propelled the USD/CNH prices.
Following the data, the ANZ Bank said, “Surveyed data from both PMIs and the US ISM are all pointing to faltering orders growth, lower backlogs of work indices and softer production over the summer. It is hard to escape the growing growth pessimism, which is also fanning expectations of a peak in both inflation and central bank hawkishness.”
Looking forward, a light calendar and the US holiday could challenge the market players ahead of this week’s Federal Open Market Committee Minutes and the US Jobs report for June.Although the lower high since mid-June keep sellers hopeful, USD/CNH bears need validation from the monthly support line, around 6.6955 by the press time.
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