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CNH Slipping, USD/CNH Approaches 6.50

CNH

USD/CNH still inching higher in recent trade - touching new highs of 6.4980. A break above 6.50 would be the first since Jan18 and would open the 50-dma to the upside at 6.5193. EMFX more broadly is weaker early Friday, with RUB, MXN, ZAR and others all soft against the greenback today.

  • Yellen's surprisingly hawkish tilt on China was evident in hearings earlier in the week, and may be suggesting that expectations of an immediate easing in US/China trade relations were premature.
  • CNH 1m vols have been steadily declining throughout 2021 so far, and are now approaching new multi-month lows at 4.9 points.
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
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