USD/CNH resisted following sharp upside spike on negative trade war sentiment
- USD/CNH bounced off 7.12 in the London morning to 7.1645.
- Global Times reported that the Chinese delegation would be cutting their trip short by a day.
The markets are somewhat quiet considering the leg work was done in the European and US session following numerous trade headlines and key data, Us events which were soaked up by the time Asia come online.
Trade talks sentiment turn sour
The main takeaway, as far as the Yuan goes, came in the negative press over this week's trade talks between the US and China that are scheduled for the end of the week. Moreover, The Global Times reported that the Chinese delegation would be cutting their trip short by a day, which just goes to show the lack of a sense of urgency nor commitments between the two nations have residing over their trade disputes.
"The US State Department announced, ”Visa restrictions on Chinese government and Communist Party officials who are believed to be responsible for, or complicit in, the detention or abuse of Uighurs, Kazakhs, or other members of Muslim minority groups in Xinjiang, China.” USD/CNH bounced off 7.12 in the London morning to 7.1645 after the visa news, the yuan’s -0.4% fall the weakest in Asia," analysts at Westpac explained.
USD/CNH levels:
Author
Ross J Burland
FXStreet
Ross J Burland, born in England, UK, is a sportsman at heart. He played Rugby and Judo for his county, Kent and the South East of England Rugby team.
