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USD/ CNH, CNY Set 1Yr+ Lows on Powell Hawkish Remarks
The Federal Reserve was foreseen to cut interest rates by only another half of a percentage point next year. In addition, Fed Chairman Jerome Powell made it clear that he was cauti...
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USD/ CNH, CNY Set 1Yr+ Lows on Powell Hawkish Remarks
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The Federal Reserve was foreseen to cut interest rates by only another half of a percentage point next year. In addition, Fed Chairman Jerome Powell made it clear that he was cautious about cutting interest rates next year.

The USD Index ascended to a new height in more than two years, and was now at 108.039.

Related NewsHSBC Research: Nov Data Shows CN Econ Not Yet Out of Woods; More Proactive Policies Soon to Come
RMB was suppressed. USD/ CNH briefly busted below 7.32, and USD/ CNY also fell below 7.29, both hitting new lows since November 2023.

USD/ CNH, which bottomed at 7.3254, last gained 149 bps to 7.3097. USD/ CNY, which bottomed at 7.2996 and approached the 7.3-mark, last dived 140 bps to 7.2988.

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