The USD/CNH pair trades flat near 7.2650 during the early European session on Tuesday.
USD/CNH trades with mild gains around 7.2650 on Tuesday. The stronger US employment data sparked a paring of bets for Fed rate cuts this year, boosting the USD broadly. China ’s major state-owned banks spotted selling Dollars for Yuan in onshore FX market to stabilise Chinese currency, said Reuters. The US May CPI inflation data and Fed interest rate decision on Wednesday will be closely watched.
The Chinese Yuan fell to a near seven-month low against the USD on Tuesday, prompting China’s state banks to sell Dollars for Yuan in the onshore spot FX market on Tuesday to keep the local currency from falling too quickly, according to Reuters. Investors will closely watch the US May Consumer Price Index data, which is due on Wednesday. The CPI inflation figure is estimated to show an increase of 3.4% YoY in May, while the core CPI is projected to rise 3.5% YoY in the same report period.
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