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The USD/CNY currency pair is expected to stay in a range of 6.8-6.9 in general as the People’s Bank of China (PBoC) has committed itself to attaching great importance to countercyclical adjustments, according to the latest research report from Scotiabank.
Risk aversion has resurfaced and intensified amid an escalation in the US-China trade war and the Italian budget risk. All the manufacturing gauges of the US, the Eurozone and China declined in September, attributable to rising concerns over the trade war and broader tensions between the world’s two largest economies.
Meanwhile, the Italian budget risk has dented market sentiment and weighed on the EUR and the BTPs. Risk sentiment could deteriorate further before improving. Italian Deputy Prime Minister Luigi Di Maio on Tuesday confirmed that the government’s 2019 budget deficit would amount to 2.4 percent of GDP.
"In the medium term, however, we don’t expect Italy to exit the Eurozone and will stay bullish on the EUR", the report commented.
