CHINA PREVIEW: CNH Eyes Aug. High If Exports Beat Est.: Analysis
Source: BFW (Bloomberg First Word)
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(Bloomberg) -- Offshore yuan could rise toward its Aug. 18 high of 6.6230 per dollar in near term if China’s Aug. exports decline less than expected, Bloomberg analysis shows.
Alert: HALISTER1- Exports probably contracted 4.0% y/y after a 4.4% drop in July, according to median est. in Bloomberg survey; ests. range from -7.0% to +3.3%; data due on Sept. 8
- Imports may fall 5.4% y/y last month, a slower pace of contraction vs a 12.5% drop in July, according to a separate survey
- China’s new export orders PMI rose to 49.7 last month from 49.0 in July
- USD/CNH down 0.02% at 6.6738 after earlier breaking below 50-DMA, which now at 6.6731, for first time since Aug. 24
- Slow stochastics %K is at 55 and falling
Source: BFW (Bloomberg First Word)
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UUID: 7947283