The CNY did not react to the soft print of industrial production and indeed, earlier PBoC comments that it has tools to stabilize the yuan is still having an impact on market sentiment, according to Frances Cheung, Head of Macro Strategy at Westpac. Key Quotes “USD/CNY is likely to trade in a range between 6.65 and 6.76. CNY and CNH forwards points stay at low levels and market awaits June forward book data.” “While China’s Q2 GDP came in as expected, the soft June production may serve as an initial signal on potential impact from trade tensions. On trade, June imports growth slowed markedly. Arguably the slow imports growth may represent expectations for slower demand for final goods.” “The credit data are less worrying to us. The slow aggregate financing growth was primarily due to month-on-month falls in bankers’ acceptances, trust and entrusted loans (representing the shadow banking segment) while yuan loan growth held up well. This combination is precisely what the authorities would like to see.” FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street FXStreet News share Read Next GBP/USD Review: Hits fresh 10-month lows post-US data, challenges descending channel support FX Street 5 years The CNY did not react to the soft print of industrial production and indeed, earlier PBoC comments that it has tools to stabilize the yuan is still having an impact on market sentiment, according to Frances Cheung, Head of Macro Strategy at Westpac. Key Quotes "USD/CNY is likely to trade in a range between 6.65 and 6.76. CNY and CNH forwards points stay at low levels and market awaits June forward book data." "While China's Q2 GDP came in as expected, the soft June production may serve as an initial signal on potential impact from trade tensions. On trade, June… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.
