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US data strength points to some limited upside – CIBC

November 13, 2023| Forex Market


Upward momentum in USD/CNH past 7.35 has been effectively halted. Economists at CIBC Capital Markets analyze the pair’s outlook.

CNH stability to persist amid continued government intervention 

We expect the authorities to continue intervening in both equity and currency markets after both neared two-year lows in October. 

US data strength points to some limited USD/CNH upside – we forecast 7.34 by Q4 – but the PBoC has effectively drawn a line just below 7.40.

See: RMB to gain market share amid the global dedollarisation – ANZ


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