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Chinese markets are closed today which...>

CHINA YUAN
CHINA YUAN: Chinese markets are closed today which should allow USDCNH to
continue trading in its tight range of 6.82-6.89. The pair is at the upper end
of this range currently at 6.8860, but likely needs a catalyst to drive a
bullish break.
- Relatively weak PMI readings indicate a slowing in the Chinese economy but
have not been enough to trigger a break as of yet, despite broad-based dollar
strength.
- EURCNH remains bellow 8.0 after Friday's sharp drop back below support, with
the 21-dma giving way and the 55-dma approaching at 7.9482. Further weakness
this week would confirm a false break above 8.0 and suggest further downside. 
- GBPCNH is also back below the key 9.0 level, which also points to a potential
false bullish break and returns the focus to the downside. 

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