CNH Weakness Especially Against JPY and USD - ANZ
Irene Cheung, Research Analyst at ANZ, suggests that since March, CNH has depreciated notably against the JPY, as they expected.
“We continue to expect a trend weakness in the CNH against the JPY.
CNH has also lost ground against the USD, and we see further upside in USD/CNH in the near term as the market prices in a June/July rate hike by the US Federal Reserve.
Indeed, we see broad weakness in the CNH as the RMB basket retains an easing bias in the coming months. We expect a rebound in AUD/CNH and SGD/CNH in the near term.”