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China FX the Early Outperformer

CNH
  • CNH one of the early standouts in European morning trade, with USD/CNH lurching lower and through the 6.3660 support. Pair now trades at lowest levels since Dec9, and now sits around 0.4% above major support at the 2021 low at 6.3305.
  • EUR/CNH taking a similar step lower, edging through 7.20, but still holds above key support at 7.1509.
  • Macro data out of China has been few and far between so far today, but markets possibly playing catch up with yesterday's moves in US equity space, which saw Chinese companies US-listed ADRs surge sharply. The NASDAQ Golden Dragon China Index rose over 9% (biggest daily rise for over a decade).
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com

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