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CNH snaps winning streak as US.....>

EMERGING MARKETS
EMERGING MARKETS: CNH snaps winning streak as US signals no tariff relief
- USD/CNH bounced off the multi-month low printed yesterday as markets responded
to news that the signature of the phase one trade deal today does not mean that
the White House will consider any reduction in the current tariff schedule on
China, but only after phase-two talks wrap up with a deal. USD/CNH traded just
above the 6.90 mark in early Asia, but the European session saw the rate drift
back to the Tuesday highs.
- The moves in China have filtered through to broader risk sentiment, prompting
some modest weakness in the likes of TRY and RUB. Asia-Pac FX price action was
more muted, although further weakness has gone through in PHP as markets ponder
the impact of this week's volcano eruption on the domestic economy. 
- South African and Brazilian retail sales numbers are due as well as Israeli
CPI.
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com