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22 Dec 2023

USD/CNY to end 2024 at 7 – ANZ

Economists at ANZ Bank forecast the USD/CNY pair at the 7 mark by the end of next year.

The authorities will not allow the CNY to strengthen too much

We see most of the drivers that made the CNY weaker in 2023 unwinding in 2024. Easing US-China tensions and concrete support for China’s property sector are set to turn sentiment around. 

A peak in US yields and the Fed cutting rates in 2024 should result in increased exporter conversion of their foreign currency receipts. 

The onshore spot has recently converged towards the fix, but the authorities are still guiding the currency stronger. This is an indication that the PBoC still sees the currency as undervalued. 

We expect state commercial banks, which had been active in shadow intervention in 2023 to support CNY, to start accumulating USD again once the CNY is strong enough. 

We expect the authorities will not allow the CNY to strengthen too much and forecast USD/CNY to end 2024 at 7.

 

Dec 22, 2023

Silver Price Analysis: XAG/USD bulls retain control near three-week top, around mid-$24.00s

Silver (XAG/USD) gains positive traction for the fourth straight day on Friday and trades around the $24.45-$24.50 region, or a near three-week high during the first half of the European session.
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Dec 22, 2023

Italy Business Confidence down to 95.4 in December from previous 96.6

Italy Business Confidence down to 95.4 in December from previous 96.6
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