USD/CNH to move gradually higher – Danske Bank

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31 July 2023

USD/CNH to move gradually higher – Danske Bank

USD/CNH is down to 7.16 after hitting close to 7.30 in early July and EUR/CNH has dropped to 7.88 down from the latest peak at 8.10. Allan von Mehren, Chief Analyst at Danske Bank, analyzes CNH's outlook.

EUR/CNH projected to move lower to around 7.60-7.70 in 12M

I still look for USD/CNH to move gradually higher on the back of more monetary policy easing in China while the Fed keeps a tightening bias for now.

However, EUR/CNH is projected to move lower to around 7.60-7.70 in 12M supported by our forecast of a further decline in EUR/USD.

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