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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