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USD/CNH Outlook as it Briefly Surpasses 7.2000

Elena by Elena
05/02/2024
in CNY, News
How to choose a good platform for currency pair investment?
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February 5, 2024 – The USD/CNH currency pair experienced a brief surge above 7.2000, prompting economists at CIBC Capital Markets to delve into its future trajectory.

Despite ongoing reports of state banks selling USD in the spot market to defend the onshore Yuan, CIBC Capital Markets anticipates modest relief in the form of a slight downside to 7.2000 and 7.1500 in the third and fourth quarters of this year, respectively.

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The analysis suggests that USD/CNH is likely to peak near 7.2500 before experiencing this subtle downturn. The Yuan’s performance is expected to be influenced by USD weakness, albeit to a lesser extent compared to its North Asian counterparts, specifically the Japanese Yen (JPY) and the South Korean Won (KRW).

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As the market dynamics continue to evolve, CIBC Capital Markets provides a nuanced perspective on the USD/CNH pair, emphasizing the potential for limited relief in the coming quarters against the backdrop of reported interventions by state banks and the broader influence of USD weakness on the Yuan.

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Elena

Elena

Elena, a seasoned foreign exchange trader with a proven track record in the dynamic world of currency markets, brings a wealth of expertise and professionalism to the financial realm. With an extensive background spanning over a decade, she has honed her skills in analyzing global economic trends and implementing strategic trading solutions. Known for her meticulous attention to detail and analytical prowess, Elena has navigated through volatile market conditions with finesse, consistently delivering impressive results for her clients. Her comprehensive understanding of macroeconomic indicators, coupled with a keen awareness of geopolitical events, allows her to make informed decisions that optimize trading portfolios. Elena's commitment to staying ahead of the curve is evident in her continuous pursuit of knowledge and mastery of cutting-edge trading technologies. Her disciplined approach to risk management ensures prudent investment strategies, instilling confidence in both colleagues and clients alike.

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