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On Wednesday, October 21, the Hang Seng Index opened 271.37 points higher, or 1.14%, at 24,139.11; the Hang Seng Tech Index opened 64.83 points higher, or 1.6%, at 4,110.74; the H-share Index opened 108.91 points higher, or 1.36%, at 8,139.17; and the Red Chip Index opened 16.25 points higher, or 0.41%, at 4,007.7.On October 21, the Wall Street Journal reported that in early August, a large cargo plane parked at an airport in eastern Germany, which had been used to transport military aid to Ukraine, was attacked by drones carrying explosives. German officials stated that the drones were operated by Russian military intelligence personnel. According to official sources, one drone collided with the Antonov cargo plane but failed to detonate; another collided with another aircraft; and a third exploded in the vicinity of the airport. Investigators pointed out that if the attack had succeeded as planned, it could have caused serious disruption and casualties at one of Europes most important air cargo hubs. European officials familiar with the intelligence revealed that US intelligence agencies believe that this attempted attack at Leipzig-Halle Airport this summer was one of the "opening acts" in an escalating series of sabotage and covert operations directly ordered by Russian President Vladimir Putin against NATO countries.Japanese Finance Minister Satsuki Katayama: The government is coordinating closely with the Bank of Japan, and there are no major disagreements on the inflation outlook and policies.Japanese Finance Minister Satsuki Katayama: Tax cuts will boost demand and push up prices.Japanese Finance Minister Satsuki Katayama: We will ensure the implementation of a proactive and responsible fiscal policy to enhance Japans supply capacity without accelerating inflation.

As China PMIs decrease, the Fed moves, and US NFP is predicted, USD/CNH surpasses 7.2800

Alina Haynes

Oct 31, 2022 16:37

截屏2022-10-31 上午11.11.46.png 

 

As China's monthly activity data disappoints offshore Chinese yuan (CNH) investors, the USD/CNH continues to draw buyers for a third consecutive day on Monday, advancing 0.23 percent intraday to 7.2850 as of press time. Concerns regarding covid difficulties in the dragon kingdom and apprehensions regarding a hawkish move by the Federal Reserve also encourage buyers to remain positive.

 

As a result, China's official NBS Manufacturing PMI for October dropped to 49.2, compared to the expected 50.0 and the previous 50.1. In addition, the Non-Manufacturing PMI fell to 48.7, below market estimates of 51.9 and previous readings of 50.6. Following the publication of the data, Reuters produced an article "In October, China's factory activity unexpectedly dropped, according to a survey released by the government on Monday. Global demand decline and strict COVID-19 regulations impeded manufacturing."

 

Due to the US dollar's status as a safe haven, the shutdown of a casino resort in Macau and Russian concerns also add to the USD/appreciation. Russia, which invaded Ukraine on February 24, halted its participation in the Black Sea agreement for a "indefinite period" on Saturday because it could not "guarantee the protection of civilian ships" traveling under the treaty after its Black Sea naval was attacked.

 

The fact that US Treasury yields are directionless after a bad economic report is notable, as is the fact that US stocks futures are seeing modest losses as the Dow Jones prepares for its highest monthly gain since 1976. In addition, the US Dollar Index (DXY) demonstrates a three-day increase near 110.80, with an intraday increase of 0.1% as of press time.

 

In conclusion, the USD/CNH bulls may maintain control because China's fundamentals are weaker than those of the United States. Concerns that the Fed may suggest slowing the pace of rate hikes beginning in December have recently appeared to test buyers of currency pairs.


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