[MARKET UPDATE] USD/CNH reaches new lows last seen in Sept'24, currently trading at 6.9580; heavy data docket ahead which includes Q4 GDP
Newsquawk Staff ·
USD/CNH reaches new lows last seen in Sept'24, currently trading at 6.9580; heavy data docket ahead which includes Q4 GDP.
What it means
The USD/CNH has hit new lows, suggesting continued weakness in the U.S. dollar relative to the Chinese yuan. This movement may indicate increased buying pressure on the yuan, potentially influenced by market sentiment ahead of key economic data, including Q4 GDP, which could impact future rate expectations and cross-asset movements.
- [MARKET ANALYSIS] Asia-Pac stocks trade mixed folowing the continued tech rout stateside where the Nasdaq 100 slipped into a correction and with markets cautious ahead of the US midterm election
- [MARKET ANALYSIS] Dollar is flat ahead of the midterms, while yuan weakens after the PBoC raised its FX RRR
- [MARKET ANALYSIS] T-note futures pulled back after gaining yesterday alongside a slump in oil prices, while demand is contained with cash treasuries trading shut overnight amid the Tokyo closure
- [MARKET ANALYSIS] Oil prices are contained after dropping 8% on Monday amid hopes for diplomacy and despite a report that the US conducting a small-scale, defensive attack on Iran's Qeshm Island
- [MARKET UPDATE] Asia-Pac stocks begin mixed with underperformance in the KOSPI following the continued tech rout stateside which saw the Nasdaq 100 dip into a correction, while demand is contained amid the holiday in Japan and looming US midterm elections
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