MI2 Trader: CNH Round 2

In the middle of March, we recommended buying USDCNH just below 6.40 and/or 25 delta 3-month Calls with stops below the late Feb / early March lows around 6.30 (“MI2 Trader: CNH”, 14th Mar). The first month was a snoozer as USDCNH flagged and EURCNH and JPYCNH dragged the CNH basket inexorably higher. Nevertheless, both trades are marginally on-side, and we want to revisit the rationale for the trade in the light of recent developments and add further low delta topside to the USDCNH position.

To access this content, clients or trials must log in. To inquire about access, please contact us.

Please note: If you are a client or trial who just created your account and still do not have access, please wait up to 24 hours for your access to activate.