26 Jun 2015
USD/CNY: some demand let to go yet - BTMU
FXStreet (Guatemala) - Analysts at the Bank of Tokyo-Mitsubishi UFJ, Ltd explained the conditions surrounding USD/CNY.
Key Quotes:
"There remain a few more days in June and half-yearly account squaring could see more final bids behind USD/CNY and USD/CNH."
"Otherwise, whoever traded 6.2180 in the last week was probably carried off the floor as a conquering hero/heroine because otherwise very, very narrow ranges might have remind you of a fixed exchange rate. When dividend season is over, the small USD/CNH discount might suggest a bit more CNY interest but we wouldn't count on it just yet. The economy - we think this is very fair - remains in slow resuscitation."
Key Quotes:
"There remain a few more days in June and half-yearly account squaring could see more final bids behind USD/CNY and USD/CNH."
"Otherwise, whoever traded 6.2180 in the last week was probably carried off the floor as a conquering hero/heroine because otherwise very, very narrow ranges might have remind you of a fixed exchange rate. When dividend season is over, the small USD/CNH discount might suggest a bit more CNY interest but we wouldn't count on it just yet. The economy - we think this is very fair - remains in slow resuscitation."