USD/CNY to breach historical highs and end the year at 7.60 – SocGen
|Economists at Société Générale make an upward revision to USD/CNY.
An arduous march to 7.60 by the end of 2023
We revise up our year-end USD/CNY forecast by 0.20 to 7.60.
The policy response, seemingly less organised than in the past, should pave the way for the USD/CNY pair to overshoot rather than undershoot for the remainder of the year.
The current CNY weakness is fundamentally driven and the impact of the PBoC’s stronger fixing is not likely to be effective this time around.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.