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5 Dec 2024

USD/CNH: PBoC pushes to guide USD/CNH bias and direction – OCBC

USD/CNH continues to ease away from recent high as policymakers keep a strong grip on the daily fix, setting it even lower at 7.1879 vs. 7.1934 (yesterday). Pair was last at 7.2736.

Corrective pullback not ruled out

“USD/CNH eased away from recent high as policymakers keep a strong grip on the daily fix, setting it even lower at 7.1879 vs. 7.1934 (yesterday). This is despite USD trading largely rangebound.”

“Fixing pattern continues to suggest that PBoC is doing whatever it takes to not only restraint the RMB from over-weakening but also to guide its bias and direction. Tariff may hurt RMB when it happens but that may be a story for 2025 after Trump inauguration. Meantime, we would keep a look out for the CEWC meeting on 11-12 Dec.”  

“Daily momentum is flat while RSI shows signs of turning from near-overbought conditions. Corrective pullback not ruled out. Support here at 7.2460 (21 DMA). Resistance at 7.32, 7.3450 levels.”

Dec 5, 2024

China 2025 outlook: Time to tap the policy space – Standard Chartered

With another trade war looming, China is going to dig deeper into its pockets to stimulate demand and likely to keep its growth target at c.5% for 2025; budget deficit may be widened to 3.5% of GDP.
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Dec 5, 2024

US Dollar edges lower ahead of Jobless Claims, trade data

The US Dollar takes a step back with markets in a holding pattern towards Friday’s key NFP release.
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