USD/CNH Drops After Weak US Payrolls, RMB Nears Multi-Month Highs: OCBC
OCBC analysts say the Chinese yuan has strengthened to near multi-month highs against the dollar, aided by disappointing US employment data.
USDCNH
According to Sim Moh Siong and Christopher Wong at OCBC, the offshore Chinese yuan (CNH) rallied against the dollar following weak US payrolls data. USD/CNH slipped, pushing the renminbi toward its strongest levels in over three months.
The move reflects a measured appreciation of the currency, with the yuan exhibiting strength. The analysts noted that the yuan's advance was driven by the soft US labour market report.
Source: FXStreet Forex News