USD/CNH renews two-month high above 6.9700 on PBOC inaction, US debt ceiling talks eyed – by anilpanchal7 USDCNY PBOC Fed RiskAversion FiscalPolicy
risk appetite
improves a bit during early Monday as US President Joe Biden said during the weekend that he expects to meet with Congressional leaders Tuesday for talks on a plan to raise the nation's debt limit and avoid a catastrophic default.
Elsewhere, fears that the US-China tussles can keep growing amid the Dragon nation’s dislike for Washington’s ties with Taiwan weighs on the mood. Further, a divergence between the hawkish Fed bias and the dovish PBOC moves also underpins the USD/CNH upside. Furthermore, the G7 nations’ readiness to announce more sanctions on Russia keeps the pessimists on the table and propels the offshore Yuan pair’s prices.
While portraying the mood, S&P500 Futures struggled during the third day of losses near 4,135 whereas the US 10-year and two-year Treasury bond yields remain sidelined around 3.46% and 3.98 respectively, after rising the most in three days on Friday. resists stepping back after rising the most since late 2022 in the last week amid geopolitical and Fed concerns, which in turn keeps the USD/CNH bulls hopeful ahead of Tuesday’s key debt ceiling talks.
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