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Forex: USD/CNH rises towards 6.31; China-US meeting on focus

By FXstreet.com,  May 03, 2012, 12:26:00 AM EDT

FXstreet.com (Barcelona) - The USD/CNH, or offshore USD/CNY, has been able to pare recent losses peaking just shy of 6.3100 following a bounce coming from 6.3030 late Asian trade. The pair has been spurred by mildly higher fixing onshore, today set at 6.2697, a tad firmer from Wednesday's record low of 6.2670.

"I noticed there are some bargain-hunting positions as the pair hits the lower end of its recent range," says a trader at a local bank cited by Dow Jones, who tips a wider 6.3050-6.3150 band for the pair today.

The intraday volatility is likely to increase amid the rhetoric used by Chinese and U.S officials, who meet for economic and strategic dialogue in Beijing. Besides, the recently established wider daily trading band has been encouraging some more aggressive moves in the pair onshore, also reflected in the USD/CNH trading range.




The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.


This article appears in: Investing, Forex and Currencies

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