USD/CNH rebounds from a one-week low, marked earlier in the day, as it picks up bids to 7.2880 as markets in China opens for Tuesday. In doing so, the
10-year yield gap between US and China jumps to the highest since 2007.US Dollar’s preparations for Jackson Hole Symposium allow USD/CNH to pare recent gains.
PBoC’s successive Open Market Operations and the previous day’s rate cuts prod the Yuan buyers, especially amid the sour sentiment. On Tuesday, the PBoC’s daily OMO suggest a net drain of around 93 billion Yuan on the day. Late Monday, the Federal Reserve Bank of New York unveiled its SCE Labor Market Survey results late Monday that suggested record wage expectations and could have contributed to the latest risk-off mood, as well as firmer bond yields. “The Lowest wage respondents would be willing to accept for a new job jumped to a record high of $78,645 in July, up from $72.873 a year ago,” said the findings.
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