A stronger fix today here isn’t really too encouraging, with USD/CNY continuing to push higher on the day. The pair is now trading just under 7.33 as it continues to contest a potential breakout to start the year.
USD/CNY weekly chart
The story for the yuan currency hasn’t changed too much since the latter stages of last year. The move here is purely a case of Beijing looking to finally shift the lines in the sand when it comes to the exchange rate. That as they prepare for the inevitable trade war against the US when Trump takes over.
But as USD/CNY scales to new heights, it will inadvertently add an indirect tailwind for the dollar in general. That especially against emerging market currencies, particularly in Asia. So, do be mindful about that.
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