- USD/CNH picks up bids to extend week-start rebound despite upbeat China.
- China Caixin Services PMI for August eases to 51.8 versus 54.1 previous readings.
- Doubt about China’s capacity to defend economic recovery with stimulus weighs on Yuan as full markets return.
- Country Garden news, China Commerce Ministry updates prod USD/CNH bulls even as US Dollar traces firmer yields.
USD/CNH fails to justify upbeat China data while extending the week-start recovery towards 7.2900 during early Tuesday, up 0.18% intraday near 7.2880 by the press time. With this, the offshore Chinese Yuan (CNH) justifies the market’s doubts about the Dragon Nation’s capacity to defend the economic recovery from COVID-19 with a slew of stimulus measures. Also fueling the quote could be the firmer US Dollar as the Treasury bond yields improve after the previous day’s US Labor Day holiday.
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