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After touching a fresh multi-month low...>

CHINA YUAN
CHINA YUAN: After touching a fresh multi-month low of CNH6.6704 today, USD/CNH
has pared some of the losses. The rate last trades at CNH6.6838, ~40 pips worse
off, as the greenback remains fragile after yesterday's decidedly dovish turn in
the rhetoric surrounding the FOMC MonPol decision, which allowed the rate to
close ~300 pips lower Wednesday. As a reminder, the FOMC favoured keeping
interest rates unchanged for the year and possibly longer in the face of a
global slowdown and announced an end to the balance sheet runoff program in
September.
- Elsewhere, yesterday U.S. President Trump said that U.S. tariffs on China will
remain in place "for a substantial period of time," until Beijing proves its
compliance with any bilateral trade deal.
- On the technical front, yesterday USD/CNH managed to breach the lower boundary
of the CNH6.6868-CNH6.7374 range, which contained its price action this month. A
return below CNH6.6800 would open up the 1.0% 10-DMA envelope at CNH6.6446.
Meanwhile, bulls look to the 21-DMA at CNH6.7087, which has proven to be key
over the last two weeks or so.
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