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The USD/CNY currency pair is expected to see some further upside for USD/CNY for the time being, with a caution mood reckoned to stay on for a while, according to the latest research report from Commerzbank.
The spread of the SARS-like virus in China has resulted in a risk-off sentiment in Asian trading session, sending USD/CNY towards 6.90. As the Lunar New Year rush ("Chunyun") is undergoing, and the experts suggest that more infections can be expected, the market has shifted to "safe heaven" mode.
Over the short term, the sentiment is likely to remain weak, and will be largely dependent on the progress of new infection reports. If the spread of the virus can't be controlled, the market will have to worry about the downside risks faced by the Chinese economy, the report added.
"The enthusiasm derived from US-China trade deal will gradually diminish due to the economic challenges China is facing, and unfortunately the renewed virus concerns could further weigh on the business confidence," Commerzbank further commented in the report.
