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China FX crumbles as PBoC negate Trump........>

FOREX
FOREX: China FX crumbles as PBoC negate Trump tariff move
-After turning up the temperature on the trade tariff spat last week, Trump's
Twitter feed will be closely watched today as USD/CNY ripped above 7.00 for the
first time since 2008. The PBoC-managed slide of the CNY follows reports that
Beijing have asked its state-owned enterprises to halt purchases of US
agricultural goods - one of the key tenets of the trade negotiations so far.
USD/CNY finished the session at the day's highs, topping out at 7.0368 onshore,
mirroring the move in CNY/CNH, which hit the best levels since the 20% pullback
in China equities in early 2016.
-The moves have worked in favour of havens, with JPY and CHF particularly firm.
EUR/CHF pressed to fresh cycle lows of 1.0870 as market focus turns to any
signals of SNB intervention in this morning's sight deposit data, which showed
deposits rising to record highs of Chf 582.7bln.
-US ISM non-manufacturing data takes focus in US hours, although the market
response to any Twitter tirade from Trump could be more notable. Fed's Brainard
is also due to speak at 1830BST/1330ET.

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