CNH crumbles as US-China fail to...>

EMERGING MARKETS: CNH crumbles as US-China fail to set a date

-USD/CNH rallied to touch all-time highs late in the Monday session, as

Bloomberg reported that US and Chinese negotiating teams were struggling to set

a date for their next meeting after China's calls to delay this weekend's

tariffs were rejected. Tensions clearly remain high as the Chinese Commerce

Ministry lodged a case with the WTO arguing that US tariff plans run against

recent agreements struck by world leaders in Osaka, Japan. USD/CNH touched

7.1914 on Monday, likely keeping pressure on USD/CNY fixes in coming sessions.

-Having broadened the scope of its FX policy by installing capital controls, ARS

traded well Monday, outperforming broader LatAm currencies, but any rallies will

likely remain limited, with USD/ARS still over 25% higher than one month ago.

TRY also traded well for another session, keeping the 100-dma in USD/TRY under

pressure at 5.7990.

-Inflation data from South Korea and Turkey and GDP figures from South Africa

and South Korea take focus Tuesday. The Chilean central bank rate decision is

also due, seen cutting rates by 50bps.