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FOREX: Chinese FX outperforms again on trade deal hopes
-After being one of the strongest currencies globally Tuesday, CNH added to
recent gain, prompting USD/CNH to trade with a 6.70 handle for the first time
since Feb1. The year's lows of Cnh6.7026 are now within sight, which marked the
lowest USD/CNH rate since mid-July. The moves follow yesterday's reports that
the US could insist on a 'stable Yuan' policy as part of any trade deal.
Nonetheless, MNI reports warned that any CNY pledge is likely to be "vague",
according to Chinese policy advisors.
-In G10 FX, GBP trade well once more, with GBP/USD hitting a new weekly high as
a Spanish minister stated that a Brexit accord is being "hammered out" - helping
raise expectations of concessions for Theresa May's proposed deal. GBP bulls set
sights on the 2019 highs at $1.3217 for direction.
-Oil-tied FX had a mixed session, with CAD firmer, however NOK fell as markets
snapped several strong sessions since Monday.
-Australian jobs numbers, global PMI data and regional German CPIs are up
Thursday alongside speeches from Fed's Bostic, BoC's Poloz and ECB's Praet.