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CHINA YUAN: CNH has tumbled vs. USD as the spiralling concern over Wuhan
coronavirus has knocked the yuan on its head, even as onshore markets are closed
due to the ongoing LNY holidays. USD/CNH last trades +347 pips at CNH6.9651.
- The most recent updates put the number of coronavirus cases at more than 2,700
with the death toll reaching 80. Offshore, new cases have been reported in the
U.S., Canada, Australia and Malaysia. Chinese off'ls noted that the virus is
contagious during a 14-day incubation period, before any symptoms are displayed.
- China has decided to extend Lunar New Year holidays to February 2 in a bid to
contain the virus. The gov't has implemented additional travel restrictions,
sent more medical staff to Wuhan, tightened controls on wildlife trade, and
moved to subsidize the construction of two dedicated hospitals.
- The formation of a 50-/200-DMA "death cross" has failed to stymie USD/CNH
demand. The rate has climbed past the CNH6.9500 mark, but struggles to penetrate
CNH6.9663, the 50% retracement of the Dec 3 - Jan 20 sell-off. A firm push above
there would give bulls a green light for targeting the key CNH7.0000 figure.
Bears look for a pullback under CNH6.9500, which would give them some reprieve.