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Further USD declines are limited say Morgan Stanley

Discussion in 'Market News' started by ForexLive, Feb 5, 2016.

  1. ForexLive

    ForexLive Forum Member

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    Latest MS client note courtesy of our friends at efxnews.com Say Stanley: "Our thesis, is that ahead of the lunar New Year (Feb 8) and China hosting the G20 (Feb 26-27), there is a strong incentive for policymakers to keep RMB stable. Moreover, we note the risk that USDCNH could be driven down in the near term amid recent press reports on speculation against RMB. The FX reserves data over the weekend will be an important test. Given some in the market are expecting a very large decline ($150-$200bn), a smaller fall in reserves could ease market concern and contribute to a near-term strengthening in CNH," MS argues.

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