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Forex Flash: USD/CNY looks bearish ahead - BTMU

FXstreet.com (Barcelona) - Bank of Tokyo Mitsubishi UFJ analysts believe that USD/CNY looks bearish ahead and will move between a range of 6.2075 and 6.225.

They begin by noting that the news of the week was that the Fed remain on its previous QE3 track and that China´s recover also remains on track. Furthermore, the non news was Cyprus. These suggest that the bearish USD/CNY track is also the one upon which the currency remains. Additionally, they feel that the end of the quarter should see some squeeze higher in money market rates even if headline inflation decelerates when the March reading comes out. They finish by writing, “It'll be the months after March that will be most important for PBOC inflation credibility this year. China once again underscored how important is the US relationship in its political calculations with Treasury Secretary Lew's visit, a factor that puts a long-run lid on just how high the cross can rise.”

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