Analysts at Bank of Tokyo Mitsubishi explained that operating via the CFETS basket, broad USD movements are clearly have bigger sway over CNY/CNH.
Key Quotes:
“But with Yellen signalling hold for the April FOMC, the impact of Friday’s NFP # is neutered, leaving room for more EM FX strength vs. USD as a catchup to majors. Beyond this, CNY may need even more bilateral strength against the buck in order to strengthen its basket.”
(Market News Provided by FXstreet)
The post CNY needs weker dollar to rally on basket – BTMU appeared first on forex-analytics.press.