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Free AccessBreak Below Established Range In USD/CNH Develops Further, Nears Key Support
This week’s aggressive range break out develops further in USD/CNH, with the rate showing as low as 7.2098 in recent trade.
- Technically, bears eye uptrend support drawn off the Feb lows (CNH7.2086 today). This comes after the last few sessions provided a meaningful break below the 100-DMA. Below aforementioned trend line support there isn’t much in the way of meaningful levels to note until the August 4 low (7.1553).
- The recent range breaks in USD/CNH have allowed (still subdued) implied vol. to tick up from recent lows.
- The general trend of ongoing outflows from mainland equities via the HK-China Stock Connect links has done little to dent CNH this week.
- Meanwhile, continued/heightened support for the property sector (a focal point of recently released headlines out of Beijing in the wake of a meeting between the PBoC and financial regulators), as well as a seeming heightened awareness amongst policymaking spheres re: the need to support household consumption, will have factored into the CNH side of the equation.
- Broader USD weakness has of course played its part on the other side of the pair.
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Why MNI
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of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.