Back
19 Mar 2015
USD/CNH well supported around 6.19/6.20 – Westpac
FXStreet (Edinburgh) - Jonathan Cavenagh, Strategist at Westpac, sees decent support for USD/CNH around 61.9/6.20.
Key Quotes
“The sharp drop in USD/CNY at the conclusion of the NPC has caught us and arguably the market off guard”.
“We have seen the USD/CNY fi xing bias return to negative territory, while no band widening announcement has clearly left the market disappointed”.
“Further weakness in USD/CNH is likely given the more dovish Fed outlook, although we expect the pair to find a base between 6.1900/6.2000”.
Key Quotes
“The sharp drop in USD/CNY at the conclusion of the NPC has caught us and arguably the market off guard”.
“We have seen the USD/CNY fi xing bias return to negative territory, while no band widening announcement has clearly left the market disappointed”.
“Further weakness in USD/CNH is likely given the more dovish Fed outlook, although we expect the pair to find a base between 6.1900/6.2000”.