Market Beat

August 2018

CNH continued to underperform against peers amidst US-China Trade Wars

  • Donald Trump pressed on his aggressive approach to global trade, slapping steep tariffs on billions of imports, in particular with China.
  • The US-China trade talks in Washington ended without breaking ground, and with additional tariffs promised ahead, the deadlock remained.
  • CNH remained soft despite PBOC’s measures to make overnight funding expensive (hence costlier for speculative accounts to short CNH). USDCNH traded to just shy of 6.96 before the weight of US dollar led to some consolidation back around 6.85.
*The true rate used below is a blend of EBS Market and EBS Direct rates, and account for outlier price submissions and mismatches
*Bubble sizes represent relative trade sizes for the period selected (1 Aug - 30 Aug 2018)
*High/Low prints are for indication only
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