In doing so, the offshore Chinese Yuan pair takes clues from the broadstrength amid lackluster initial hours of a trading day when all the traders return to the table after a long weekend.With this, the greenback’s gauge versus six major currencies benefits from its safe-haven asset, as well as the recently hawkish Federal Reserve bets.
Talking about the risks, the market’s mood remains unclear even as S&P500 Futures print mild gains and the yields retreat, which in turn pushes the traders towards the US Dollar, especially after the last week’s upbeat US data favoring the hawkish Fed concerns. Among the key risk catalysts, the dissatisfaction of some of the US policymakers, mostly Republicans, are against the compromises made to their previous demands to reach the deal. The policymakers also show readiness to challenge the agreement in the House, as well as in the Senate, which in turn prods the market’s previous risk-on mood and keeps the US Dollar on the front foot. Additionally, the US-China woes also underpin the market’s rush toward the US Dollar and propel the USD/CNH price.
On the other hand, the monetary policy divergence between the People’s Bank of China’s dovish outlook and the hawkish concerns about the Fed offer additional strength to the USD/CNH price. Moving on, the US Conference Boards’ Consumer Confidence data for May will offer immediate directions to the USD/CNH pair traders ahead of Wednesday’s official PMIs from China and the US House voting on the debt-ceiling agreement. Following that, the US Senate’s approval of the US debt ceiling deal before June 05, as well as Friday’s US jobs report, become the key to watch for a clear guide.USD/CNH picks up bids to refresh multi-day high within a monthly bullish channel, currently between 7.
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