Forex - China Flows: Yuan strengthened after Trump delays tariffs


 02:47 (GMT) 14 Aug

  [Forex Flows]

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China Flows: Yuan strengthened after Trump delays tariffs (0101-NGQK-C01)

USD/CNH is seen rebounding partially from NY sessions downward move. The offshore pair had shifted 8 big figures down from 7.1000 to 7.0200 handle after Trump announced that he is delaying/cancelling some of the planned September US tariffs on China. Pair last back up to 7.0406. If there a breach of 7.0500 level, USD/CNH will likely push to 7.0615 resistance. Support is at 6.9932.

PBoC fixed mid-point at 7.0312 vs. previous close of 7.0558. USD/CNY gapped lower in response to positive trade news and was last at 7.0255. China's economic data was poor with IP worst since 1990 and retail sales growth also slowing. This reinforced views that economic growth slowed in Q3 compared to Q2. We think that a break of the 7.0000-7.0500 range will likely trigger further movements either way.


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